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Inquiry Into the Nature and Causes of The Wealth
K Menger 1892 On the Origin of Money Economic
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agents analysis Arrow-Debreu Arrow-Debreu model assets assume assumption budget constraint capital coincidence of wants commodity competitive equilibrium consider consumer consumption converges convex convex preferences convexified correspondence Debreu debt decentralized defined definition demand for money denote double coincidence efficient equilibrium allocation equilibrium price excess demand fulfillment excess supply exchange economy exists expected utility index f-wise feasible fiat money futures markets Hahn holds implies inefficiency intertemporal Lemma marginal utility matrix medium of exchange monetary economy monetary exchange monetary theory non-convex Ostroy pair Pareto optimal period possible preferences price expectations price of money price system price vector problem Proof Proposition Pt+1 purchases quantity quid pro quo Radner reallocation restriction result saleableness satisfy selling semi-continuous sequence economy spot markets Starr store of value sufficient conditions Suppose Theorem tion trading process trading rule transaction costs transaction technology utility functions zero