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Money as Minimal Complexity
【2017.11.6 10:00am, N205】

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 2017-10-25 

  Colloquia & Seminars 

  Speaker

Prof. Pradeep Dubey, 纽约州立大学石溪分校经济系

  Title

Money as Minimal Complexity

  Time

2017.11.6 10:00

  Venue

N205

  Abstract

We consider mechanisms that provide the opportunity to exchange commodity i for commodity j, for certain ordered pairs ij. Given any connected graph G of opportunities, we show that there is a unique "G-mechanism" that satisfies some natural conditions of "fairness" and "convenience". Next we define time and price complexity for any G-mechanism as (respectively) the time required to exchange i for j, and the information needed to determine the exchange ratio (each for the worst pair ij). If the number of commodities exceeds three, there are precisely three minimally complex G-mechanisms, where G corresponds to the star, cycle and complete graphs. The star mechanism has a distinguished commodity -the money -that serves as the sole medium of exchange and mediates trade between decentralized markets for the other commodities. Furthermore, for any weighted sum of complexities, the star mechanism is the unique minimizer of the sum for large enough m.   

  Affiliation

 Pradeep Dubey教授是国际博弈论研究领域的顶级专家之一。 他是诺贝尔奖获得者Shapley的第一个学生,现在是纽约州立大学石溪分校经济系首席教授(leading professor), 国际计量经济学会的会士(Fellow), 以及国际博弈论学会的理事会成员。

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