PH.D. THESIS OF ELMER GERALD WIENS
204-5555 Balsam St.
The University of British Columbia
FACULTY OF GRADUATE STUDIES
PROGRAMME OF THE
FINAL ORAL EXAMINATION
FOR THE DEGREE OF
DOCTOR OF PHILOSOPHY
ELMER GERALD WIENS
B.Sc., University of British Columbia, 1967
M.Sc., University of British Columbia, 1969
MONDAY, SEPTEMBER 22, 1975 AT 10:00 A.M.
IN ROOM 241, GRADUATE STUDIES
NEW ADMINISTRATION BUILDING
COMMITTEE IN CHARGE
Chairman: L.D. Hayward
C.E. Blackorby |
L.P. Cain |
External Examiner: C. Lloyd
Department of Economics and Commerce
Simon Fraser University
Burnaby, British Columbia
Research Supervisor: K. Nagatani
MONEY AS A TRANSACTION TECHNOLOGY:
A GAME THEORETIC APPROACH
A barter economy and a monetary economy are modelled using the cooperative game approach. The feature that distinguishes the two economies is the manner in which exchange activities are organized in the face of transaction costs. While division of labour or specialization is exploited in the monetary economy's technology of exchange, it is not exploited in that of the barter economy. The presence of a medium of exchange in the monetary economy permits its specialized traders to operate efficiently.
The cooperative game approach admits group rationality along with the usual assumption of individual rationality. Group rationality means that individuals are able to perceive their interdependence. Money is explained as the product of interactions between individual rationality (utility maximizing consumers and profit maximizing traders) and group rationality (the ability to perceive the benefits of monetary exchange versus barter exchange). Consequently, money is viewed not as an object, but as an institution. Its value reflects the relative superiority of a monetary economy over a barter economy.
|1944 ||Born, Chilliwack, British Columbia|
|1964-67 ||B.Sc. (Hons.), Mathematics, University of British Columbia|
|1967-69 ||M.Sc., Mathematics, University of British Columbia|
|1968-69 ||Lecturer in Mathematics, University of British Columbia|
|1969-72 ||Industry/Government experience in operations research and computer programming/systems analysis|
|1972-75 ||Graduate Studies in Economics, University of British Columbia|
|1975 ||Lecturer in Economics, University of British Columbia
1967-69 The National Research Council Scholarship|
1972-74 The H.R. MacMillan Family Fellowship
1974-75 The Canada Council Doctoral Fellowship
|Numerical Analysis ||C. Fisher|
|Theory of Games and Programming || R.A. Restrepo|
|Measure Theory and Integration || M. Sion|
|Topology ||D. Derry|
|Econometrics ||D.J. Ford|
|Microeconomic Theory 1 ||G.C. Archibald|
|Microeconomic Theory 2 ||G.C. Archibald|
|Macroeconomic Theory ||R.G. Evans|
|Economics Fluctuations and Growth ||K. Nagatani|
|Mathematical Economics 1 ||W.E. Diewert|
|Mathematical Economics 2 ||K. Nagatani|
|Topics in Economic History ||D.G. Paterson|
|History of Economic Analysis ||R.M. Will|
|International Trade ||A.D. Woodland|
|International Finance ||G. R. Munro|
T.J. Wales and E.G. Wiens. "Capitalization of Residential Property Taxes: An Empirical Study," The Review of Economics and Statistics, August 1974.
Wiens, Elmer G. "Reduction of Games Using Dominant Strategies." M.Sc. Diss. U of British Columbia, 1969.
Wiens, Elmer G. ""Money As A Transaction Technology: A Game Theoretic Approach." Ph.D. Diss. U of British Columbia, 1975.
Wiens, Elmer G. "Linguistic and Commodity Exchanges," December 2005.