Beans as a Medium of Exchange
AbstractThis 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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Bibliographic InfoPaper provided by EconWPA in its series General Economics and Teaching with number 0505001.
Length: 5 pages
Date of creation: 15 May 2005
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Note: Type of Document - pdf; pages: 5
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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 - - 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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- NEP-EXP-2005-05-23 (Experimental Economics)
- NEP-MAC-2005-05-23 (Macroeconomics)
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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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