Interest Rate Volatility and Risk in Indian Banking

The store of value function is redundant in a time-0 auction and any durable asset dominates money in sequential trading versions of the auction. Strictly speaking the unit of account function is also not required but obviously selecting a numeraire would reduce the computations required even for the time-0 auction. The point is simply that given the computing power underlying the auction the unit of account function is not a necessary feature of the economy. Any commodity can act as the unit of account even one with no physical existence, but jam is as good a numeraire as any –the...