The core of a monetary economy without trust

Douglas Gale

doi:10.1016/0022-0531(78)90104-7

The core of a monetary economy without trust

Douglas Gale

Research output: Contribution to journal › Article › peer-review

Abstract

The concept of trust is formalized by the "sequential core". The absence of trust induces a sequential structure on an economy, even if markets are complete at the first day. The use of money (securities) can replace trust.

Original language	English (US)
Pages (from-to)	456-491
Number of pages	36
Journal	Journal of Economic Theory
Volume	19
Issue number	2
DOIs	https://doi.org/10.1016/0022-0531(78)90104-7
State	Published - Dec 1978

ASJC Scopus subject areas

Economics and Econometrics

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10.1016/0022-0531(78)90104-7

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The core of a monetary economy without trust

Abstract

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