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Barley, Gold, or Fiat – Toward a Pure Theory of Money - Yale Scholarship Online
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Barley, Gold, or Fiat: Toward a Pure Theory of Money

Thomas Quint and Martin Shubik


This book is about using game theory to model money and financial institutions. Using the backdrop of a simple two-good economy with two continua of traders, we propose a strategic market game to explicitly model the moves that accomplish trade. We then study variations on this simple model, to understand such things as changing the type of money used in the economy (consumable storable money vs gold vs fiat money) and/or the trading structure (buy-sell vs sell all), the role of banks (both central banks and private banks), the market structure for banking (monopoly vs oligopoly vs perfect com ... More

Keywords: cash flow constraints, commodity money, fiat money, minimal institutions, process model

Bibliographic Information

Print publication date: 2014 Print ISBN-13: 9780300188158
Published to Yale Scholarship Online: May 2014 DOI:10.12987/yale/9780300188158.001.0001


Affiliations are at time of print publication.

Thomas Quint, author

Martin Shubik, author