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"Archivum Medii Aevi Digitale - Specialized open access repository for research in the middle ages"To submission
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| DC Field | Value | Language |
|---|---|---|
| Contributor | The Pennsylvania State University CiteSeerX Archives | - |
| Author | G. Geoffrey Booth | - |
| Author | Ivor Grattan-guinness | - |
| Author | Kenneth Frank | - |
| Author | Sanders S. Chang | - |
| Date | 2011 | - |
| Other Identifier | http://www.aeaweb.org/aea/2012conference/program/retrieve.php?pdfid=112 | - |
| Other Identifier | http://citeseerx.ist.psu.edu/viewdoc/summary?doi=10.1.1.231.3747 | - |
| URI | https://www.amad.org/jspui/handle/123456789/64761 | - |
| Description | Abstract: We explore the strategic dynamics of the price setting protocol used by the money-changers guild to set the daily domestic exchange rate between gold and silver coins in early Renaissance Florence. We frame our analysis as a repeat, non-constant sum game of indeterminate length characterized by voluntary participation and asymmetric information. A dynamically stable Nash equilibrium obtains and guild profits maximized if only a few informed players participate, suggesting that the Florentine protocol was an effective price setting mechanism. It is not surprising, therefore, that the protocol was in force for at least 100 years and that some of its characteristics are echoed in modern financial markets. | - |
| Language | eng | - |
| Rights | Metadata may be used without restrictions as long as the oai identifier remains attached to it. | - |
| Keywords | Price fixing | - |
| Keywords | Evolutionary stability | - |
| Keywords | Exchange rate | - |
| Keywords | Money changing | - |
| Keywords | Renaissance Florence Acknowledgements | - |
| Keywords | We thank Cynthia C. Craig for her expert Italian to English translation of excerpts | - |
| Keywords | Nash equilibrium | - |
| Dewey Decimal Classification | 940 | - |
| Title | DOMESTIC EXCHANGE RATE DETERMINATION IN EARLY RENAISSANCE FLORENCE | - |
| Type | text | - |
| AMAD ID | 673413 | - |
| Year | 2011 | - |
| Open Access | 1 | - |
| Appears in Collections: | BASE (Bielefeld Academic Search Engine) General history of Europe | |
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