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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)

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://128.118.178.162/eps/get/papers/0505/0505001.pdf
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Bibliographic 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
Date of revision:
Handle: RePEc:wpa:wuwpgt:0505001

Note: Type of Document - pdf; pages: 5
Contact details of provider:
Web page: http://128.118.178.162

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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Cited by:
  1. Daniel Levy, 2006. "Price Adjustment Under the Table: Evidence on Efficiency-enhancing Corruption," Emory Economics 0605, Department of Economics, Emory University (Atlanta).

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