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Barley, Gold, or FiatToward a Pure Theory of Money$
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Thomas Quint and Martin Shubik

Print publication date: 2014

Print ISBN-13: 9780300188158

Published to Yale Scholarship Online: May 2014

DOI: 10.12987/yale/9780300188158.001.0001

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Oligopolistic Competition with Cash and with a Money Market

Oligopolistic Competition with Cash and with a Money Market

(p.152) Chapter 12 Oligopolistic Competition with Cash and with a Money Market
Barley, Gold, or Fiat

Thomas Quint

Martin Shubik

Yale University Press

We consider a variation in which there are a finite number of traders. To be precise, there are n types of trader and n commodities. Each trader of type k begins with a units of commodity k, k = 1,...,n, and has an “nth root” utility function. There are K traders of each type. We can derive formulas for the solution in the case where players are endowed with “enough money.” In the case where n = 2 and K --> infinity, the model approaches the Basic Model from chapter 3, and our solutions reduce to those for the Basic Model. We close with some comments regarding a money market version of the model.

Keywords:   finite number of traders, oligopolistic money market, oligopolistic trade

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