The core of a monetary economy without trust

Douglas Gale

    Research output: Contribution to journalArticlepeer-review


    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 languageEnglish (US)
    Pages (from-to)456-491
    Number of pages36
    JournalJournal of Economic Theory
    Issue number2
    StatePublished - Dec 1978

    ASJC Scopus subject areas

    • Economics and Econometrics


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