Exchange and Specialisation as a Discovery Process
In this article we study the performance of an economy that can support specialisation if the participants develop and follow some system of exchange. We define a closed economy in which the participants must discover the ability to exchange, implement it, and ascertain what they are comparatively advantaged in producing. Many of our participants demonstrate the ability to find comparative advantage, capture gains from trade and effectively choose production that is consistent with the choices of others. We explore various treatments to provide insight into the conditions that foster the growth of specialisation and exchange within this weak institutional framework. Copyright © The Author(s). Journal compilation © Royal Economic Society 2009.
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Volume (Year): 119 (2009)
Issue (Month): 539 (07)
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- Sean Crockett & VernonL. Smith & BartJ. Wilson, 2009.
"Exchange and Specialisation as a Discovery Process,"
Royal Economic Society, vol. 119(539), pages 1162-1188, 07.
- Sean Crockett & Vernon Smith & Bart Wilson, 2006. "Exchange and Specialization as a Discovery Process," Working Papers 1002, George Mason University, Interdisciplinary Center for Economic Science, revised May 2006.
- Greif, Avner, 1993. "Contract Enforceability and Economic Institutions in Early Trade: the Maghribi Traders' Coalition," American Economic Review, American Economic Association, vol. 83(3), pages 525-548, June.
- Daniel Houser & David Reiley & Michael Urbancic, 2004. "Checking Out Temptation: An Natural Experiment with Purchases at the Grocery Register," Working Papers 1001, George Mason University, Interdisciplinary Center for Economic Science, revised Nov 2008. Full references (including those not matched with items on IDEAS)
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