Random matching models with different states are an important class of dynamic games; for example, money search models …

. Specifically, we prove an analogue of the “Lone Wolf Theorem” of classical matching theory, showing that when utility is perfectly …

, such as the exploration of stable solutions for matching and exchange, the measurement of power and a deeper understanding …

. We report that the different approach to modeling money - reduced-form vs. explicit role - neither induces theoretical … mechanism that governs cash transactions, not the explicit microfoundation of money. …

The theory of money typically ignores the fact that the mode of market interaction arises endogenously, and simply … understanding the conditions that lend themselves to the development of money as a mode of exchange. To study this, we develop a … theory of money such that the market structure is endogenized. …