The Numeraire, Money and the Missing Degree of Freedom
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.
Shubik, Martin, "The Numeraire, Money and the Missing Degree of Freedom" (1985). Cowles Foundation Discussion Papers. 991.