Original paper
Gift Exchange versus Monetary Exchange: Theory and Evidence
Abstract
We study the Lagos and Wright (2005) model of monetary exchange in the laboratory. With a finite population of sufficiently patient agents, this model has a unique monetary equilibrium and a continuum of non-monetary gift exchange equilibria, some of which Pareto dominate the monetary equilibrium. We find that subjects avoid the gift exchange equilibria in favor of the monetary equilibrium. We also study versions of the model without money where...
Paper Details
Title
Gift Exchange versus Monetary Exchange: Theory and Evidence
Published Date
Jun 1, 2014
Journal
Volume
104
Issue
6
Pages
1735 - 1776
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Notes
History