Paranın ortaya çıkışı: Paranın kökenine ilişkin evrimsel bir analiz

This paper shows that if there are more goods than money in all trading periodsthen nonconvertible fiat money is evolutionarily successful in complex economies. Thisresult is developed in Kiyotaki and Wright (1993) search model of money, using alearning algorithm developed by Marimon et. al (1990). When we include anevolutionary model similar to Kandori, Mailath, and Rob (1993) we find that fiat moneyis frequently evolutionarily successful. To be precise let x be the probability someonefinds someone who has a good they want -small x represents a complex economy- andlet µ be the fraction of people holding money in any trading period. As long as µ < 1-2x2-2xfiat money will be evolutionarily successful.Keywords: Fiat Money, Learning, Stochastic Evolution