A game-theoretic model of scrip (arti\ufb01cial currency) systems is analyzed. It is shown that relative entropy can be used to characterize the distribution of agent wealth when all agents use threshold strategies\u2014that is, they volunteer to do work i\ufb00 they have below a threshold amount of money. Monotonicity of agents\u2019 bestreply functions is used to show that scrip systems have pure strategy equilibria where all agents use threshold strategies. An algorithm is given that can compute such an equilibrium and the resulting distribution of wealth.<\/p>\n","protected":false},"excerpt":{"rendered":"
A game-theoretic model of scrip (arti\ufb01cial currency) systems is analyzed. It is shown that relative entropy can be used to characterize the distribution of agent wealth when all agents use threshold strategies\u2014that is, they volunteer to do work i\ufb00 they have below a threshold amount of money. Monotonicity of agents\u2019 bestreply functions is used to […]<\/p>\n","protected":false},"featured_media":0,"template":"","meta":{"msr-url-field":"","msr-podcast-episode":"","msrModifiedDate":"","msrModifiedDateEnabled":false,"ep_exclude_from_search":false,"_classifai_error":"","msr-author-ordering":null,"msr_publishername":"","msr_publisher_other":"","msr_booktitle":"","msr_chapter":"","msr_edition":"","msr_editors":"","msr_how_published":"","msr_isbn":"","msr_issue":"","msr_journal":"ACM Transactions on Economics and Computation","msr_number":"","msr_organization":"","msr_pages_string":"13:1\u201313:32","msr_page_range_start":"0.542361111","msr_page_range_end":"0.563888889","msr_series":"","msr_volume":"","msr_copyright":"","msr_conference_name":"","msr_doi":"","msr_arxiv_id":"","msr_s2_paper_id":"","msr_mag_id":"","msr_pubmed_id":"","msr_other_authors":"Eric J. Friedman, Joseph Y. 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