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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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A One-Period Sell-All Model

A One-Period Sell-All Model

(p.131) Chapter 9 A One-Period Sell-All Model
Barley, Gold, or Fiat

Thomas Quint

Martin Shubik

Yale University Press

We study markets with a sell-all trading structure. After a discussion of why one might use a sell-all model, we take the no-loan market from chapter 7 and change the buy-sell structure to sell-all. The main observation in the results is that, unlike in the buy-sell case, trade ends up efficient no matter how much original endowment of money the traders have. Also, the exact final distribution of goods depends only upon the initial distribution of the fiat and not on the initial distribution of goods 1 and 2.

Keywords:   efficient trade, sell-all model

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