Counterfeiting as Private Money in Mechanism Design
将伪造活动视为难以监控的私人货币发行，修正了货币的随机匹配模型，分析货币竞争的福利效应，发现完全消除伪造并非最优。
We describe counterfeiting activity as the issuance of private money, one that is difficult to monitor. Our approach, which amends the basic random‐matching model of money in mechanism design, allows a tractable welfare analysis of currency competition. We show that it is not efficient to eliminate counterfeiting activity completely. We do not appeal to lottery devices, and we argue that this is consistent with imperfect monitoring.