Is gold an efficient store of value?

Pradeep Dubey; John Geanakoplos; Martin Shubik

doi:10.1007/s00199-002-0266-y

Is gold an efficient store of value?

Pradeep Dubey
, John Geanakoplos
, Martin Shubik

Economics

Yale University

Research output: Contribution to journal › Article › peer-review

13 Scopus citations

Abstract

Gold and tobacco have both been used as commodity 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?

Original language	English
Pages (from-to)	767-782
Number of pages	16
Journal	Economic Theory
Volume	21
Issue number	4
DOIs	https://doi.org/10.1007/s00199-002-0266-y
State	Published - Jun 2003

Keywords

Gold
Liquidity
Store of value
Tobacco

Access to Document

10.1007/s00199-002-0266-y

Cite this

@article{70fa2ac1d9e346c69bbd808e0e869824,

title = "Is gold an efficient store of value?",

abstract = "Gold and tobacco have both been used as commodity 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?",

keywords = "Gold, Liquidity, Store of value, Tobacco",

author = "Pradeep Dubey and John Geanakoplos and Martin Shubik",

year = "2003",

month = jun,

doi = "10.1007/s00199-002-0266-y",

language = "English",

volume = "21",

pages = "767--782",

journal = "Economic Theory",