Indivisibilities, lotteries, and monetary exchange

• 成果类型: Article
• 署名作者: Berentsen, A; Molico, M; Wright, R
• 署名单位: University of Bern; Western University (University of Western Ontario); University of Pennsylvania
• 刊物名称: JOURNAL OF ECONOMIC THEORY
• ISSN/ISSBN: 0022-0531
• DOI: 10.1006/jeth.2000.2689
• 发表日期: 2002
• 页码: 70-94
• 关键词: indivisibilities; lotteries; search; money

摘要

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 tau, where tau < 1 iff buyers have sufficient bargaining power. With divisible goods, a nonrandom quantity q trades with probability 1 and, again, money trades with probability where tau < 1 iff buyers have sufficient bargaining power. Moreover, q never exceeds the efficient quantity (not true without lotteries). We consider several extensions designed to get commodities as well as money to trade with probability less than 1, and to illuminate the efficiency role of lotteries. (C) 2002 Elsevier Science (USA).