An Axiomatic Characterization of the Price-Money Message Mechanism

Murakami, Hiromi; Urai, Ken

An Axiomatic Characterization of the Price-Money Message Mechanism

Murakami, Hiromi; Urai, Ken

Discussion Papers In Economics And Business, 2016, 15-31-Rev., 1-10

Number of Access:476（2025-08-27 00:19 Counts）

Identifier to cite or link to this item: https://hdl.handle.net/11094/54442

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Title	An Axiomatic Characterization of the Price-Money Message Mechanism
Creator	NRID 1000080803072 1000080803072 CreatorName Murakami, Hiromi
Creator	NRID 1000000203597 1000000203597 researchmap permalink read0175173 read0175173 Scopus Author ID 24287014300 24287014300 CreatorName Urai, Ken
Subject	Axiomatic Characterization
	Resource Allocation Mechanism
	Informational Efficiency
	Monetary Equilibrium
	Overlapping-Generations Model
	Replica Core Equivalence
	Universal Mapping Property
Description	* Revised： [15-31, 2015]
Abstract	The axiomatic characterization of price or market equilibrium is one of the most important problems in the general equilibrium theory. There does not seem to exist, however, so many papers on the axiomatic characterization problem of monetary equilibrium. The overlapping-generations model with a double infinity of commodities and agents is one of the most fundamental frameworks for introducing money into an economic model, although a simple game-theoretic or welfare characterization on the role of money under competitive mechanism is widely known to be difficult. In this paper, we show that the informational efficiency axiomatic characterization as in Hurwicz (1960), Mount and Reiter (1974) and Sonnenschein (1974) is possible for the price-money competitive mechanism for overlapping-generations economies among the class of all allocation mechanisms with messages. Especially, the category theoretic universal mapping characterization in Sonnenschein (1974) is generalized and applied to the overlapping-generations framework through our monetary version of Debreu-Scarf's core limit theorem of Urai and Murakami (2015). Our argument is also closely related to the replica characterization approaches of Walrasian social choice mechanism like Thomson (1988) and Nagahisa (1994), and provide a comprehensive perspective on them.
Publisher	Graduate School of Economics and Osaka School of International Public Policy (OSIPP), Osaka University
Source Title	Discussion Papers In Economics And Business
Volume (Issue)	15-31-Rev.
Page	1-10
Date of Issued	2016-03
Language	English
Handle URL	https://hdl.handle.net/11094/54442
NCID	AA1160366X
Relation.references	URI http://www2.econ.osaka-u.ac.jp/library/global/dp/1531R.pdf
Access Rights	metadata only access
Category	ディスカッション／ワーキング・ペーパー DP/WP
Category	Discussion Papers In Economics And Business
Date.Updated	2016-03
Date.Updated	2015-12

Resource Type	technical report
Local Type	DP/WP
DCMI Type	Text
DCTERMS.bibliographicCitation	Discussion Papers In Economics And Business. 2016, 15-31-Rev., p. 1-10
DC.title	An Axiomatic Characterization of the Price-Money Message Mechanism
DC.creator	Murakami, Hiromi
DC.creator	Urai, Ken
DC.publisher	Graduate School of Economics and Osaka School of International Public Policy (OSIPP), Osaka University
DC.language' scheme='DCTERMS.RFC1766	English
DC.type' scheme='DCTERMS.DCMIType	Text
DCTERMS.issued' scheme='DCTERMS.W3CDTF	2016-03
DC.relation' scheme='DCTERMS.URI	http://www2.econ.osaka-u.ac.jp/library/global/dp/1531R.pdf
DC.subject	Axiomatic Characterization
	Resource Allocation Mechanism
	Informational Efficiency
	Monetary Equilibrium
	Overlapping-Generations Model
	Replica Core Equivalence
	Universal Mapping Property
DC.description	* Revised： [15-31, 2015]
DCTERMS.abstract	The axiomatic characterization of price or market equilibrium is one of the most important problems in the general equilibrium theory. There does not seem to exist, however, so many papers on the axiomatic characterization problem of monetary equilibrium. The overlapping-generations model with a double infinity of commodities and agents is one of the most fundamental frameworks for introducing money into an economic model, although a simple game-theoretic or welfare characterization on the role of money under competitive mechanism is widely known to be difficult. In this paper, we show that the informational efficiency axiomatic characterization as in Hurwicz (1960), Mount and Reiter (1974) and Sonnenschein (1974) is possible for the price-money competitive mechanism for overlapping-generations economies among the class of all allocation mechanisms with messages. Especially, the category theoretic universal mapping characterization in Sonnenschein (1974) is generalized and applied to the overlapping-generations framework through our monetary version of Debreu-Scarf's core limit theorem of Urai and Murakami (2015). Our argument is also closely related to the replica characterization approaches of Walrasian social choice mechanism like Thomson (1988) and Nagahisa (1994), and provide a comprehensive perspective on them.
DC.format	54442
citation_title	An Axiomatic Characterization of the Price-Money Message Mechanism
citation_author	Murakami, Hiromi
citation_author	Urai, Ken
citation_publisher	Graduate School of Economics and Osaka School of International Public Policy (OSIPP), Osaka University
citation_language	English
citation_date	2016-03
citation_journal_title	Discussion Papers In Economics And Business
citation_volume	15-31-Rev.
citation_firstpage	1
citation_lastpage	10
citation_public_url	https://hdl.handle.net/11094/54442
citation_abstract_html_url	http://www2.econ.osaka-u.ac.jp/library/global/dp/1531R.pdf

An Axiomatic Characterization of the Price-Money Message Mechanism

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