Learning to choose a commodity-money: Carl Menger's theory of imitation and the search monetary framework

Álvarez, Andrés

doi:10.1080/0967256032000171506

Cited by 13 publications

(5 citation statements)

References 29 publications

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“…6 The is the explanation advanced by Menger (1892) and that today is reprised in monetary search models. See, for example, Alvarez (2004).…”

Section: Monetary Exchange Involves a Risk And Entails Lossmentioning

confidence: 98%

Money, exchange and division of labour in Rousseau's economic philosophy

Pignol¹

2010

The European Journal of the History of Economic Thought

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This paper examines the arguments advanced by Rousseau to explain his rejection of monetary exchange. First we show that the rejection of money as mean of exchange expresses a dismissal of any form of exchange, motivated by a need for independence. In Julie, the community of Clarens exemplifies an autarchic, paternalistic economy that is at once unequal and deceptive. To understand why Rousseau chose such a downbeat solution to the problems arising from the organisation of the division of labour, we make a parallel between the economic and amatory themes, showing in each case the dependence upon others produced by the development of amour-propre.Autarchy, happiness, independence, money, needs, Rousseau,

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“…6 The is the explanation advanced by Menger (1892) and that today is reprised in monetary search models. See, for example, Alvarez (2004).…”

Section: Monetary Exchange Involves a Risk And Entails Lossmentioning

confidence: 98%

Money, exchange and division of labour in Rousseau's economic philosophy

Pignol¹

2010

The European Journal of the History of Economic Thought

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“…As such, after the adoption of some commodity as a medium of exchange, the observation of fungibility, and hence saleability (in the manner of Menger, ), leads to further saleability (Horwitz, ). That is, there are network externalities associated with fungibility and the use of a commodity which is used as a medium of exchange (Alvarez, ; Bagus, ).…”

Section: Fungibility Criteria and The Quality Theory Of Moneymentioning

confidence: 99%

The Identity, Fungibility and Anonymity of Money

Berg

2019

J of App Econs and Policy

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The fungibility of money is a characteristic which contributes to the quality of money. Fungibleness is itself related to the technical ability to associate a unit of currency with its past instances of exchange. This history is analogous to the identity of money. The identity of an individual unit of exchange is increasingly important as cash becomes less common, and banks require more information about the provenance of money. Private currencies, including Bitcoin and Libra, are themselves subject to tracking. The prior financial – and potentially political – activities of a user determine the fungibility of the currency they hold. Different money technologies provide varied levels of privacy, while cryptocurrencies offer users the potential to choose the level of information they share.

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“…Subsequent work has considered dynamic and mixed-strategy equilibria (Kehoe, 1993), presenting a more generalised model where agents can alternate their play across their two available trading strategies. The routes by which a monetary equilibrium could become established have been explored using both analytical and agent-based approaches (Alvarez, 2004). Replicator dynamics have been used to demonstrate analytically the dependence of an ultimate monetary equilibrium on initial conditions such as starting strategies, the storage costs of goods, and the proportions of different agent types in the economy (e.g., Luo, 1999;Sethi, 1999).…”

Section: Extensions To the Search Modelmentioning

confidence: 99%

The Origin of Money: An Agent-Based Model

Moran

Brede

Ianni

et al. 2013

Advances in Artificial Life, ECAL 2013

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The benefits of money as a medium of exchange are obvious, but the historical origin of money is less clear. An existing economic model of monetary search is reproduced as an agentbased simulation and an evolutionary algorithm is used to model social learning. This approach captures the way in which different equilibria can arise, including solutions in which one or two goods come to be used as money. In the case where monetary goods have identical properties, multiple equilibria can be reached with a dependence on the starting beliefs of agents. In our analysis we also consider the evolutionary dynamics that allow for a small chance of mutations in strategies. In some cases our findings show evolutionary paths by which use of particular monetary goods can collapse.

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Learning to choose a commodity-money: Carl Menger's theory of imitation and the search monetary framework

Cited by 13 publications

References 29 publications

Money, exchange and division of labour in Rousseau's economic philosophy

Money, exchange and division of labour in Rousseau's economic philosophy

The Identity, Fungibility and Anonymity of Money

The Origin of Money: An Agent-Based Model

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