{"paper":{"title":"Price Dynamics Via Expectations, and the Role of Money Therein","license":"http://arxiv.org/licenses/nonexclusive-distrib/1.0/","headline":"","cross_cats":[],"primary_cat":"q-fin.EC","authors_text":"Carlo C. Jaeger, Gesine A. Steudle, Saini Yang","submitted_at":"2016-10-18T12:50:52Z","abstract_excerpt":"Beyond its obvious macro-economic relevance, fiat money has important micro-economic implications. They matter for addressing No. 8 in Smale's \"Mathematical Problems for the Next Century\": extend the mathematical model of general equilibrium theory to include price adjustments. In the canonical Arrow-Debreu framework, equilibrium prices are set by a fictitious auctioneer. Removing that fiction raises the question of how prices are set and adjusted by decentralised actors with incomplete information. We investigate this question through a very basic model where a unique factor of production, la"},"claims":{"count":0,"items":[],"snapshot_sha256":"258153158e38e3291e3d48162225fcdb2d5a3ed65a07baac614ab91432fd4f57"},"source":{"id":"1610.05583","kind":"arxiv","version":3},"verdict":{"id":null,"model_set":{},"created_at":null,"strongest_claim":"","one_line_summary":"","pipeline_version":null,"weakest_assumption":"","pith_extraction_headline":""},"references":{"count":0,"sample":[],"resolved_work":0,"snapshot_sha256":"258153158e38e3291e3d48162225fcdb2d5a3ed65a07baac614ab91432fd4f57","internal_anchors":0},"formal_canon":{"evidence_count":0,"snapshot_sha256":"258153158e38e3291e3d48162225fcdb2d5a3ed65a07baac614ab91432fd4f57"},"author_claims":{"count":0,"strong_count":0,"snapshot_sha256":"258153158e38e3291e3d48162225fcdb2d5a3ed65a07baac614ab91432fd4f57"},"builder_version":"pith-number-builder-2026-05-17-v1"}