Document Type
Discussion Paper
Publication Date
9-1-1992
CFDP Number
1031R
CFDP Revision Date
2002-02-01
CFDP Pages
15
Abstract
Gold and tobacco have both been used as money. One difference between the two is that gold yields utility, on account of its beauty, without diminishing its quantity. Tobacco yields utility when it is consumed. If this were the only difference, which would be the better money?
Recommended Citation
Dubey, Pradeep; Geanakoplos, John; and Shubik, Martin, "Is Gold an Efficient Store of Value?" (1992). Cowles Foundation Discussion Papers. 1274.
https://elischolar.library.yale.edu/cowles-discussion-paper-series/1274