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| Author: | Duffy, J. Ochs, J. |
| Title: | Emergence of money as a medium of exchange: an experimental study |
| Journal: | American Economic Review
1999 : SEP, VOL. 89:4, p. 847-877 |
| Index terms: | ECONOMICS MONEY USA |
| Language: | eng |
| Abstract: | This paper reports findings from an experiment that implements a search-theoretic model of money as a medium of exchange. The question examined is whether subjects learn to adopt the same commodities as media of exchange that the model predicts will be used in equilibrium. The authors report that subjects have a strong tendency to play "fundamental" rather than "speculative" strategies even in environments where speculative strategies yield higher payoffs. |
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