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Emergence of money as a medium of exchange: An experimental study

Опубликовано на портале: 15-12-2002
American Economic Review. 1999.  Vol. 89. No. 4. P. 847-877. 
Тематический раздел:
Findings are reported from an experiment that implements a search-theoretic model of money as a medium of exchange. The question is whether subjects learn to adopt the same commodities as media of exchange that the model predicts will be used in equilibrium. It is reported that subjects have a strong tendency to play fundamental rather than speculative strategies even in environments where speculative strategies yield higher payoffs. Some possible motivations for subjects' behavior are examined, and it is concluded that subjects are mainly motivated by past payoff experience as opposed to the marketability considerations that the theory emphasizes.