The evolution of money as a medium of exchange

Journal of Economic Dynamics and Control

Volumn 23, Issue 3, 1998, Pages 415-458

  Luo, Guo Ying ^a  

^a RUTGERS UNIVERSITY   (United States)

Author keywords

C62; C73; D83; Darwinian dynamics; E00; Evolution; Money; Selection

Indexed keywords

EID: 0039492991     PISSN: 01651889     EISSN: None     Source Type: Journal    
DOI: 10.1016/S0165-1889(98)00029-3     Document Type: Article

References (22)

1. Aiyagari S.R., Wallace N. Existence of steady states with positive consumption in the Kiyotaki-Wright model. Review of Economic Studies. 58:1991;901-916.
2. Bjornerstedt, J., Weibull, J., 1996. Nash equilibrium and evolution by imitation. In: Arrow, K., Colombatto, E. (Eds.), The Rational Foundations of Economic Behavior. Saint Martin's Press, New York.
3. Einzig P. Primitive Money In its Ethnological, Historical and Economic Aspects. 1966;Pergamon Press, Oxford.
4. Foster D., Young P. Stochastic evolutionary game dynamics. Theoretical Population Biology. 38:1990;219-232.
5. Jones R. The origin and development of media of exchange. The Journal of Political Economy. 84:1976;757-775.
6. Kandori M., Mailath G.J., Rob R. Learning, mutation, and long run equilibria in games. Econometrica. 61:1993;29-56.
7. Kehoe T.J., Kiyotaki N., Wright R. More on money as a medium of exchange. Economic Theory. 3:1993;297-314.
8. Kelley W.G., Peterson A.C. Difference Equations. 1991;Academic Press, London.
9. Kiyotaki N., Wright R. On money as a medium of exchange. The Journal of Political Economy. 97:1989;927-954.
10. Luenberger D.G. Introduction to Dynamic Systems. 1979;Wiley, New York.
11. Luo G., 1995. Evolutionary models of market behavior, Ph.D. dissertation, Faculty of Graduate Studies, University of Western Ontario, London, Canada.
12. Mailath G.J. Introduction. symposium on evolutionary game theory Journal of Economic Theory. 57:1992;259-277.
13. Marimon R., McGrattan E., Sargent T.J. Money as a medium of exchange in an economy with artificially intelligent agents. Journal of Economic Dynamics and Control. 14:1990;329-373.
14. Menger K. On the origin of money. Economic Journal. 2:1892;239-255.
15. Oh S. A theory of generally acceptable medium of exchange and barter. Journal of Monetary Economics. 23:1989;101-119.
16. Quiggin A.H. A Survey of Primitive Money: The Beginning of Currency. 1949;Barnes and Noble, New York.
17. Renero J.M, 1996. Unstable and stable steady states in the Kiyotaki-Wright model. Economic Theory, forthcoming.
18. Sethi, R., 1996. Evolutionary stability and media of exchange, mimeo, Department of Economics, Barnard College, Columbia University.
19. Smith A. The Wealth of Nations, Books I-III. 1776;Penguin, Harmondsworth.
20. Taylor P., Jonker L. Evolutionarily stable strategies and game dynamics. Mathematical Biosciences. 40:1978;145-156.
21. Weibull J.W. Evolutionary Game Theory. 1995;MIT Press, Cambridge.
22. Wright R. Search, evolution and money. Journal of Economic Dynamics and Control. 19:1995;181-206.