[量化金融] 用贵重货币交换货物 [推广有奖]

英文标题：
《Exchanging Goods Using Valuable Money》
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作者：
J. V. Howard
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最新提交年份：
2016
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英文摘要：
  A group of people wishes to use money to exchange goods efficiently over several time periods. However, there are disadvantages to using any of the goods as money, and in addition fiat money issued in the form of notes or coins will be valueless in the final time period, and hence in all earlier periods. Also, Walrasian market prices are determined only up to an arbitrary rescaling. Nevertheless we show that it is possible to devise a system which uses money to exchange goods and in which money has a determinate positive value. In this system, tokens are initially supplied to all traders by a central authority and recovered by a purchase tax. All trades must be made using tokens or promissory notes for tokens. This mechanism controls the flow rather than the stock of money: it introduces some trading frictions, some redistribution of wealth, and some distortion of prices, but these effects can all be made small.
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中文摘要：
一群人希望在几个时间段内使用货币有效地交换商品。然而，将任何商品用作货币都有其不利之处，此外，以纸币或硬币形式发行的法定货币在最后一段时间内将毫无价值，因此在所有早期都是如此。此外，沃尔拉斯的市场价格只取决于任意的重新调整。然而，我们证明了设计一个使用货币交换商品的系统是可能的，在这个系统中，货币具有确定的正价值。在这个系统中，代币最初由中央当局提供给所有交易商，并通过购买税收回。所有交易必须使用代币或代币本票进行。这种机制控制着资金的流动，而不是存量：它带来了一些贸易摩擦、财富的重新分配和价格的扭曲，但这些影响都可以很小。
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分类信息：

一级分类：Quantitative Finance        数量金融学
二级分类：Economics        经济学
分类描述：q-fin.EC is an alias for econ.GN. Economics, including micro and macro economics, international economics, theory of the firm, labor economics, and other economic topics outside finance
q-fin.ec是econ.gn的别名。经济学，包括微观和宏观经济学、国际经济学、企业理论、劳动经济学和其他金融以外的经济专题
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一级分类：Computer Science        计算机科学
二级分类：Computer Science and Game Theory        计算机科学与博弈论
分类描述：Covers all theoretical and applied aspects at the intersection of computer science and game theory, including work in mechanism design, learning in games (which may overlap with Learning), foundations of agent modeling in games (which may overlap with Multiagent systems), coordination, specification and formal methods for non-cooperative computational environments. The area also deals with applications of game theory to areas such as electronic commerce.
涵盖计算机科学和博弈论交叉的所有理论和应用方面，包括机制设计的工作，游戏中的学习（可能与学习重叠），游戏中的agent建模的基础（可能与多agent系统重叠），非合作计算环境的协调、规范和形式化方法。该领域还涉及博弈论在电子商务等领域的应用。
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