Simulating a Multiproduct Barter Exchange Economy
AbstractThe authors describe a multiproduct barter trading experiment in which students exchange real goods in an open market based on their own personal preference. The experiment is designed f or simulating a pure exchange market in order to demonstrate the role o f money and its functions in real economies by showing the limitations and inefficiencies of the traditional barter economy. In addition, t he simulation is very effective in highlighting some of the key feature s that an object that serves as money needs to possess in order to function as an efficient medium of exchange, unit of account, and st ore of value. Copyright 1993 by Oxford University Press.
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Bibliographic InfoArticle provided by Western Economic Association International in its journal Economic Inquiry.
Volume (Year): 31 (1993)
Issue (Month): 2 (April)
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- A22 - General Economics and Teaching - - Economic Education and Teaching of Economics - - - Undergraduate
- C90 - Mathematical and Quantitative Methods - - Design of Experiments - - - General
- C91 - Mathematical and Quantitative Methods - - Design of Experiments - - - Laboratory, Individual Behavior
- C92 - Mathematical and Quantitative Methods - - Design of Experiments - - - Laboratory, Group Behavior
- E40 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - General
- E41 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Demand for Money
- E - Macroeconomics and Monetary Economics
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- Daniel Levy, 2006.
"Price Adjustment Under the Table: Evidence on Efficiency-enhancing Corruption,"
0605, Department of Economics, Emory University (Atlanta).
- Levy, Daniel, 2007. "Price adjustment under the table: Evidence on efficiency-enhancing corruption," European Journal of Political Economy, Elsevier, vol. 23(2), pages 423-447, June.
- Levy, Daniel, 2007. "Price adjustment under the table: Evidence on efficiency-enhancing corruption," MPRA Paper 1648, University Library of Munich, Germany.
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