Abstract
A counterexample to the notion that money is memory is provided—one that relies on incomplete information. There exists an implementable allocation for it with money that is not implementable with memory. The result arises because money conveys only a limited amount of information about past actions, which can be beneficial in settings with incomplete information.
Publisher
Cambridge University Press (CUP)
Subject
Economics and Econometrics
Cited by
6 articles.
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