Gresham's Law or Gresham's Fallacy?

Leave and let leave: A sufficient condition to explain the evolutionary emergence of cooperation

“…Defectors, therefore, are almost constantly changing partner, while pairs of cooperators usually remain together for much longer, thus generating some positive assortment. Heuristically, the role of this phenomenon is to introduce some endogenous adverse-selection, analogous to the classical Gresham's law (Rolnick and Weber, 1986) -i.e., worn-out, torn, or generally low-quality notes are found mainly in circulation, whilst notes that are in better shape are preferentially kept in wallets and safes. Similarly, in the CR the pool of singles concentrates a higher than average proportion of defectors (i.e.…”

Some Notes on the Gresham's Law of Money Circulation

“…Reference [31] is discussing the law, starting from the following question: "if a mint issues two distinct types of silver dollars one containing, say, half as much silver as the other, will both coins be used as medium of exchange?" As we have seen previously, using the popular version of the law, accepted and frequently proposes in economics, the answer is no.…”

“…In this case, the lighter silver dollar circulates and the good will be hoarded. But, as told in [31], someone could tell that to determine what happens to the two silvers dollars we need more information. In fact, a version of the Gresham's Law exists, which includes an important qualification.…”

“…The short popular version is contradicted by several historical facts, where the authors find that bad money failed to drive out good money (however in [32], Greenfield and Rockoff dispute these examples). Moreover, in [31], it is told that the qualified version of the law, as given in Ref. 33 for instance, is not adequate either, because there are no evidence that "a fixed rate of exchange ever existed, and that is not surprising since it is hard to believe it ever could exist" [31].…”

“…Moreover, in [31], it is told that the qualified version of the law, as given in Ref. 33 for instance, is not adequate either, because there are no evidence that "a fixed rate of exchange ever existed, and that is not surprising since it is hard to believe it ever could exist" [31]. Therefore the abovementioned qualifier is not able to reinstate the law.…”