Steiner, HillelHillelSteiner2021-12-102021-12-102013https://jlupub.ub.uni-giessen.de/handle/jlupub/482http://dx.doi.org/10.22029/jlupub-411This paper explores, and rejects, the plausibility--advanced by a number of economists and recently re-affirmed by Robert Nozick--of employing an `invisible hand explanation' to account for the existence of money as a medium of exchange. It argues that money is not necessarily more efficient than barter as a means of effecting a multiplicity of desired exchanges, and that its use is not a dominant strategy under standard theoretical conditions of individual rational choice.enbarterdouble coincidence of wantsasset valuePrisoner’s Dilemmaddc:100ddc:330