COWLES FOUNDATION FOR RESEARCH IN ECONOMICS
AT YALE UNIVERSITY

Post Office Box 208281
New Haven, CT 06520-8281

COWLES FOUNDATION DISCUSSION PAPER NO. 750

"The Numeraire, Money and the Missing Degree of Freedom"

Martin Shubik

May 1985

The prime purpose of this article is to illustrate some basic problems in the modelling of strategic market games with a single means of exchange or with complete markets. A simple example involving three types of traders trading in three commodities serves to make the points clear.

JEL Classification: 026

Keywords: Strategic market games, numeraire, single means of exchange