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Exchange and Specialisation as a Discovery Process

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Author Info

  • Sean Crockett
  • VernonL. Smith
  • BartJ. Wilson

Abstract

In this article we study the performance of an economy that can support specialisation if the participants develop and follow some system of exchange. We define a closed economy in which the participants must discover the ability to exchange, implement it, and ascertain what they are comparatively advantaged in producing. Many of our participants demonstrate the ability to find comparative advantage, capture gains from trade and effectively choose production that is consistent with the choices of others. We explore various treatments to provide insight into the conditions that foster the growth of specialisation and exchange within this weak institutional framework. Copyright � The Author(s). Journal compilation � Royal Economic Society 2009.

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Bibliographic Info

Article provided by Royal Economic Society in its journal The Economic Journal.

Volume (Year): 119 (2009)
Issue (Month): 539 (07)
Pages: 1162-1188

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Handle: RePEc:ecj:econjl:v:119:y:2009:i:539:p:1162-1188

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References

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  1. Greif, Avner, 1993. "Contract Enforceability and Economic Institutions in Early Trade: the Maghribi Traders' Coalition," American Economic Review, American Economic Association, vol. 83(3), pages 525-48, June.
  2. Sean Crockett & Vernon Smith & Bart Wilson, 2006. "Exchange and Specialization as a Discovery Process," Working Papers 1002, George Mason University, Interdisciplinary Center for Economic Science, revised May 2006.
  3. Daniel Houser & David Reiley & Michael Urbancic, 2004. "Checking Out Temptation: An Natural Experiment with Purchases at the Grocery Register," Working Papers 1001, George Mason University, Interdisciplinary Center for Economic Science, revised Nov 2008.
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Citations

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Cited by:
  1. Joy A. Buchanan & Bart J. Wilson, 2012. "An Experiment on Protecting Intellectual Property," Working Papers 12-09, Chapman University, Economic Science Institute.
  2. Bart J. Wilson & Taylor Jaworski & Karl E. Schurter & Andrew Smyth, 2012. "The Ecological and Civil Mainsprings of Property: An Experimental Economic History of Whalers' Rules of Capture," Journal of Law, Economics and Organization, Oxford University Press, vol. 28(4), pages 617-656, October.
  3. Shachat, Jason & Zhang, Zhenxuan, 2012. "The Hayek hypothesis and long run competitive equilibrium: an experimental investigation," MPRA Paper 39579, University Library of Munich, Germany.
  4. Kimbrough, Erik O., 2011. "Heuristic learning and the discovery of specialization and exchange," Journal of Economic Dynamics and Control, Elsevier, vol. 35(4), pages 491-511, April.
  5. Kimbrough, Erik O. & Wilson, Bart J., 2013. "Insiders, outsiders, and the adaptability of informal rules to ecological shocks," Ecological Economics, Elsevier, vol. 90(C), pages 29-40.
  6. Bart J. Wilson, 2008. "Contra Private Fairness," Working Papers 08-04, Chapman University, Economic Science Institute.
  7. Zhao, Liang & Zhu, Xian Chen, 2007. "A Discussion on Empirical Micro-Bases of Hayek’s Methodological Individualism," MPRA Paper 3862, University Library of Munich, Germany.
  8. Tyler Watts, 2010. "Arbitrage and knowledge," The Review of Austrian Economics, Springer, vol. 23(1), pages 79-96, March.
  9. Sean Crockett & VernonL. Smith & BartJ. Wilson, 2009. "Exchange and Specialisation as a Discovery Process," Economic Journal, Royal Economic Society, vol. 119(539), pages 1162-1188, 07.
  10. Cary Deck, 2009. "An experimental analysis of cooperation and productivity in the trust game," Experimental Economics, Springer, vol. 12(1), pages 1-11, March.
  11. Taylor Jaworski & Bart J. Wilson, 2013. "Go West Young Man: Self-Selection and Endogenous Property Rights," Southern Economic Journal, Southern Economic Association, vol. 79(4), pages 886-904, April.
  12. Taylor Jaworski & Vernon Smith & Bart Wilson, 2010. "Discovering Economics in the Classroom with Experimental Economics and the Scottish Enlightenment," International Review of Economic Education, Economics Network, University of Bristol, vol. 9(2), pages 10-33.
  13. Kimbrough, Erik O. & Smith, Vernon L. & Wilson, Bart J., 2010. "Exchange, theft, and the social formation of property," Journal of Economic Behavior & Organization, Elsevier, vol. 74(3), pages 206-229, June.

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