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Historical Property Rights, Sociality, and the Emergence of Impersonal Exchange in Long-Distance Trade

Author

Listed:
  • Erik O. Kimbrough
  • Vernon L. Smith
  • Bart J. Wilson

Abstract

This 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 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 unenforced property rights hinders our subjects' ability to develop the requisite personal social arrangements to support specialization and effectively exploit impersonal long-distance trade.

Suggested Citation

  • 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 1009-1039, June.
    • Handle: RePEc:aea:aecrev:v:98:y:2008:i:3:p:1009-39
    Note: DOI: 10.1257/aer.98.3.1009
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    JEL classification:

    • D51 - Microeconomics - - General Equilibrium and Disequilibrium - - - Exchange and Production Economies
    • P14 - Political Economy and Comparative Economic Systems - - Capitalist Economies - - - Property Rights

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