Indivisibilities, Lotteries, and Monetary Exchange

Aleksander Berentsen, Miguel Molico and Randall Wright

MPRA Paper from University Library of Munich, Germany

Abstract: We introduce lotteries (randomized trading) into search-theoretic models of money. In a model with indivisible goods and fiat money, we show goods trade with probability 1 and money trades with probability τ, where τ

Keywords: Monetary Exchange; Monetary Economics; Indivisibilities (search for similar items in EconPapers)
JEL-codes: E4 E5 (search for similar items in EconPapers)
Date: 2002-01-01
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Citations: View citations in EconPapers (56)

Published in Journal of Economic Theory 107.1(2002): pp. 70-94

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Journal Article: Indivisibilities, Lotteries, and Monetary Exchange (2002)
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