Simulating a Multiproduct Barter Exchange Economy
The authors describe a multiproduct barter trading experiment in which students exchange real goods in an open market based on their own personal preference. The experiment is designed f or simulating a pure exchange market in order to demonstrate the role o f money and its functions in real economies by showing the limitations and inefficiencies of the traditional barter economy. In addition, t he simulation is very effective in highlighting some of the key feature s that an object that serves as money needs to possess in order to function as an efficient medium of exchange, unit of account, and st ore of value. Copyright 1993 by Oxford University Press.
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Volume (Year): 31 (1993)
Issue (Month): 2 (April)
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