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Pré-Publication, Document De Travail Année : 2017

A simplistic model of the emergence of money

André Orléan
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Pablo Jensen

Résumé

We present a simplistic model of the competition between dierent currencies. Each individual is free to choose the currency that minimizes his transaction costs, which arise whenever his exchanging relations have chosen a dierent currency. We show that competition between currencies does not necessarily converge to the emergence of a single currency. For large systems, we prove that two distinct communities using dier-ent currencies in the initial state will remain forever in this fractionalized state.
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Dates et versions

hal-01531277 , version 1 (01-06-2017)
hal-01531277 , version 2 (12-01-2018)

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Alex Lamarche-Perrin, André Orléan, Pablo Jensen. A simplistic model of the emergence of money. 2017. ⟨hal-01531277v1⟩
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