June 29, 2017

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, Kiyotaki and Wright(1993) ,
Williamson and Wright(1994) , Sanchez and
Williamson(2009)
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3.1
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:
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, Bellman equation:

rVg = { max { p + (1 )(u p), max {u + (Vb Vg ), u p} }

+ (1 ) max {u + (Vb Vg ), u p} }

(1)
+ { max {p + (Vb Vg ), p } + (1 )[ + (1 )(p )]

+ (1 ) max {p + (Vb Vg ), p } }

rVb = {[ p + (1 )(u p)] + (1 ) 0}

(2)
+ {[ + (1 )(p )] + (1 ) 0}

:
: best response, = 1
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: , best response, = 1

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: , best response, = 1

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 3.2
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Bellman equation:



rVg = max { C3 + u p, max { p + (1 )(u p), max {u + (Vb Vg ), u p} }}

+ (1 ) max { C3 + u p, max {u + (Vb Vg ), u p} }

+ {(C3 + p )

+ (1 ) max {p + (Vb Vg ), p } + (1 )(1 )[ + (1 )(p )]

+ (1 )(C3 + p ) + (1 )(1 ) max {p + (Vb Vg ), p } }

(3)
rVb = { max { C3 + u p, p + (1 )(u p)} + (1 )(C3 + u p)}

+ {(C3 + p ) + (1 )[ + (1 )(p )] + (1 )(C3 + u p)}

(4)
():
: best reponse, = 1

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3.3
:

if u + (Vb Vg ) > u p



1
= [0, 1] if u + (Vb Vg ) = u p




0 if u + (Vb Vg ) < u p

if p + (1 )(u p) > max {u + (Vb Vg ), u p}



1

= [0, 1] if p + (1 )(u p) = max {u + (Vb Vg ), u p}




if p + (1 )(u p) < max {u + (Vb Vg ), u p}
0

if p + (Vb Vg ) > p



1
= [0, 1] if p + (Vb Vg ) = p




0 if p + (Vb Vg ) < p

if C3 + u p > max { p + (1 )(u p), max {u + (Vb Vg ), u p} }

1




= [0, 1] if C3 + u p = max { p + (1 )(u p), max {u + (Vb Vg ), u p} }







if C3 + u p < max { p + (1 )(u p), max {u + (Vb Vg ), u p} }

0

, , = = , = , =

References
[1] Kiyotaki, N. and Wright, R. (1993). A search-theoretic approach to mone-
tary economics , American Economic Review, 63-77.
[2] Sanches, D. and Williamson, S. (2010). Money and credit with limited com-
mitment and theft , Journal of Economic theory, 145(4), 1525-1549.
[3] Li, Y. (1998). Middlemen and private information , Journal of Monetary
Economics, 42(1), 131-159.

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[4] Williamson, S. and Wright, R. (1994). Barter and monetary exchange under
private information , American Economic Review, 104123.