How many karats is gold: Welfare effects of easing a denomination standard |
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| Authors: | Claude Crampes Abraham Hollander |
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| Institution: | (1) GREMAQ, Université des Sciences Sociales de Toulouse and IDEI, Place Anatole-France, 31042 Toulouse Cedex, France;(2) Centre de recherche et développement en économique (C.R.D.E.), Université de Montréal, Station centre-ville, P.O. Box 6128, H3C 3J7 Montréal, Québec |
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| Abstract: | Most consumers benefit from a lowering of the required amount of aurous metal which jewellers must include in products sold as  gold. However, profits of producers of gold-plated adornments fall. The net welfare effect depends on whether the principal difference between consumers is their appreciation of the gold content, or their valuation of designation gold or gold-plate. |
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