Pairwise trade and coexistence of money and higher-return assets

• 成果类型: Article
• 署名作者: Zhu, Tao; Wallace, Neil
• 署名单位: Cornell University; Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park
• 刊物名称: JOURNAL OF ECONOMIC THEORY
• ISSN/ISSBN: 0022-0531
• DOI: 10.1016/j.jet.2005.08.001
• 发表日期: 2007
• 页码: 524-535
• 关键词: money; higher-return assets; coexistence

摘要

A new theory of coexistence of money and higher-return assets is set out. It applies to any setting in which some trade involves an exchange of goods for assets and occurs between two people-a buyer and a seller. We show that there exists a function mapping the portfolios of the buyer and the seller to the trade that occurs such that (i) the trade is in the buyer-seller core and (ii) some people are induced to enter the buyer-seller meeting with money. (c) 2005 Elsevier Inc. All rights reserved.