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Simulating a Multiproduct Barter Exchange Economy

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Author Info
Daniel Levy (Bar-Ilan University)
Mark Bergen (University of Minnesota)

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Abstract

We 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 for simulating a pure exchange market in order to demonstrate the role of money and its functions in real economies by showing the limitations and inefficiencies of the traditional barter economy. In addition, the simulation is very effective in highlighting some of the key features that an object that serves as money needs to possess in order to function as an efficient medium of exchange, unit of account, and store of value.

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File URL: http://129.3.20.41/eps/exp/papers/0505/0505002.pdf
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Publisher Info
Paper provided by EconWPA in its series Experimental with number 0505002.

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Length: 18 pages
Date of creation: 15 May 2005
Date of revision:
Handle: RePEc:wpa:wuwpex:0505002

Note: Type of Document - pdf; pages: 18
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Web page: http://129.3.20.41

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Related research
Keywords: Roles of Money; Functions of Money; Barter; Exchange Economy; Medium of Exchange; Store of Value; Unit of Account; Experiment; Efficient and Inefficient Medium of Exchange; Types of Money; Fiat Money; Commodity Money; Features of Money; Homogeneity; Divisibility; Durability; Storability; Portability; Scarcity; Efficiency versus Equity; Information Cost;

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Find related papers by JEL classification:
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
E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System

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This page was last updated on 2009-12-21.

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