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Beans as a Medium of Exchange

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Author Info
Harold Fried (Union College)
Daniel Levy (Bar-Ilan University)

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Abstract

This note describes an experiment, which is an extension of the experiment proposed by Levy and Bergen (1993). The experiment is designed to simulate an environment where something that is very similar to fiat money (i.e., is homogenous, durable, portable, storable, divisible, has no intrinsic value of its own, etc.) will be accepted in market transactions and thus will have a “value.” This is accomplished through an implementation of a taxation mechanism in the spirit of legal restriction theory of monetary economics.

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File URL: http://129.3.20.41/eps/get/papers/0505/0505001.pdf
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Publisher Info
Paper provided by EconWPA in its series General Economics and Teaching with number 0505001.

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Length: 5 pages
Date of creation: 15 May 2005
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Handle: RePEc:wpa:wuwpgt:0505001

Note: Type of Document - pdf; pages: 5
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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

Find related papers by JEL classification:
A22 - General Economics and Teaching - - Economics 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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  1. Daniel Levy, 2006. "Price Adjustment under the Table," Emory Economics 0605, Department of Economics, Emory University (Atlanta). [Downloadable!]
  2. Levy, Daniel, 2007. "Price adjustment under the table: Evidence on efficiency-enhancing corruption," MPRA Paper 1648, University Library of Munich, Germany. [Downloadable!]
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