Historical Property Rights, Sociality, and the Emergence of Impersonal Exchange in Long-distance Trade
AbstractThis laboratory experiment explores the extent to which impersonal exchange emerges from personal exchange with opportunities for long-distance trade. We design a three-commodity production and exchange economy in which agents in three geographically separated villages must develop multilateral exchange networks to import a third good only available abroad. For treatments, we induce two distinct institutional histories to investigate how past experience with property rights affects the evolution of specialization and exchange. We find that a history of un-enforced property rights hinders our subjects¡¯ ability to develop the requisite personal social arrangements necessary to support specialization and effectively exploit impersonal long-distance trade.
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Bibliographic InfoPaper provided by George Mason University, Interdisciplinary Center for Economic Science in its series Working Papers with number 1003.
Length: 42 pages
Date of creation: Oct 2006
Date of revision: Oct 2006
personal exchange; impersonal exchange; long-distance trade; experimental economics;
Other versions of this item:
- Erik O. Kimbrough & Vernon L. Smith & Bart J. Wilson, 2008. "Historical Property Rights, Sociality, and the Emergence of Impersonal Exchange in Long-Distance Trade," American Economic Review, American Economic Association, vol. 98(3), pages 1009-39, June.
- C92 - Mathematical and Quantitative Methods - - Design of Experiments - - - Laboratory, Group Behavior
- D23 - Microeconomics - - Production and Organizations - - - Organizational Behavior; Transaction Costs; Property Rights
- D51 - Microeconomics - - General Equilibrium and Disequilibrium - - - Exchange and Production Economies
- F10 - International Economics - - Trade - - - General
- N70 - Economic History - - Economic History: Transport, International and Domestic Trade, Energy, and Other Services - - - General, International, or Comparative
This paper has been announced in the following NEP Reports:
- NEP-ALL-2008-02-23 (All new papers)
- NEP-EXP-2008-02-23 (Experimental Economics)
- NEP-HPE-2008-02-23 (History & Philosophy of Economics)
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