The core of a monetary economy without trust

Douglas Gale

    Research output: Contribution to journalArticle

    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 languageEnglish (US)
    Pages (from-to)456-491
    Number of pages36
    JournalJournal of Economic Theory
    Volume19
    Issue number2
    DOIs
    StatePublished - 1978

    ASJC Scopus subject areas

    • Economics and Econometrics

    Cite this

    The core of a monetary economy without trust. / Gale, Douglas.

    In: Journal of Economic Theory, Vol. 19, No. 2, 1978, p. 456-491.

    Research output: Contribution to journalArticle

    Gale, Douglas. / The core of a monetary economy without trust. In: Journal of Economic Theory. 1978 ; Vol. 19, No. 2. pp. 456-491.
    @article{cb8cdcb43e1e497dbd37044389d676db,
    title = "The core of a monetary economy without trust",
    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.",
    author = "Douglas Gale",
    year = "1978",
    doi = "10.1016/0022-0531(78)90104-7",
    language = "English (US)",
    volume = "19",
    pages = "456--491",
    journal = "Journal of Economic Theory",
    issn = "0022-0531",
    publisher = "Academic Press Inc.",
    number = "2",

    }

    TY - JOUR

    T1 - The core of a monetary economy without trust

    AU - Gale, Douglas

    PY - 1978

    Y1 - 1978

    N2 - 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.

    AB - 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.

    UR - http://www.scopus.com/inward/record.url?scp=0000403055&partnerID=8YFLogxK

    UR - http://www.scopus.com/inward/citedby.url?scp=0000403055&partnerID=8YFLogxK

    U2 - 10.1016/0022-0531(78)90104-7

    DO - 10.1016/0022-0531(78)90104-7

    M3 - Article

    VL - 19

    SP - 456

    EP - 491

    JO - Journal of Economic Theory

    JF - Journal of Economic Theory

    SN - 0022-0531

    IS - 2

    ER -