Is gold an efficient store of value? |
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| Authors: | Dubey Pradeep Geanakoplos John Shubik Martin |
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| Affiliation: | (1) Department of Economics, SUNY at Stony Brook, Stony Brook, NY 11794-4384, USA , US;(2) Cowles Foundation for Research in Economics, Yale University, Box 208281, New Haven, CT 06520-8281, USA , US |
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| Abstract: | Summary. Gold and tobacco have both been used as commodity money. One difference between the two is that gold yields utility, on account of its beauty, without diminishing its quantity. Tobacco yields utility when it is consumed. If this were the only difference, Received: January 2, 2001; revised version: February 22, 2002 Correspondence to: J. Geanakoplos |
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| Keywords: | and Phrases: Gold Tobacco Store of value Liquidity. |
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