کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
7353113 | 1477051 | 2018 | 42 صفحه PDF | دانلود رایگان |
عنوان انگلیسی مقاله ISI
Money as minimal complexity
ترجمه فارسی عنوان
پول به عنوان حداقل پیچیدگی
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موضوعات مرتبط
علوم انسانی و اجتماعی
اقتصاد، اقتصادسنجی و امور مالی
اقتصاد و اقتصادسنجی
چکیده انگلیسی
We consider mechanisms that provide the opportunity to exchange commodity i for commodity j, for certain ordered pairs ij. Given any connected graph G of opportunities, we show that there is a unique “G-mechanism” that satisfies some natural conditions of “fairness” and “convenience”. Next we define time and price complexity for any G-mechanism as (respectively) the time required to exchange i for j, and the information needed to determine the exchange ratio (each for the worst pair ij). If the number of commodities exceeds three, there are precisely three minimally complex G-mechanisms, where G corresponds to the star, cycle and complete graphs. The star mechanism has a distinguished commodity - the money - that serves as the sole medium of exchange and mediates trade between decentralized markets for the other commodities. Furthermore, for any weighted sum of complexities, the star mechanism is the unique minimizer of the sum for large enough m.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Games and Economic Behavior - Volume 108, March 2018, Pages 432-451
Journal: Games and Economic Behavior - Volume 108, March 2018, Pages 432-451
نویسندگان
Pradeep Dubey, Siddhartha Sahi, Martin Shubik,