Is Gold an Efficient Store of Value?
John Geanakoplos () and
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John Geanakoplos: Cowles Foundation, http://economics.yale.edu/people/john-geanakoplos
No 1031R, Cowles Foundation Discussion Papers from Cowles Foundation for Research in Economics, Yale University
Gold and tobacco have both been used as commodity money. One difference between the two is that gold yields utility, on account of its beauty, without diminishing its quantity. Tobacco yields utility when it is consumed. If this were the only difference, which would be the better money?
Note: CFP 1084.
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Published in Economic Theory (2003), 21(4): 767-782
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Journal Article: Is gold an efficient store of value? (2003)
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