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Money is More than a Memory

Listed author(s):
  • Maria Bigoni

    (University of Bologna)

  • Gabriele Camera

    ()

    (Economic Science Institute, Chapman University and University of Basel)

  • Marco Casari

    (University of Bologna and IZA)

Impersonal exchange is the hallmark of an advanced society. One key institution for impersonal exchange is money, which economic theory considers just a primitive arrangement for monitoring past conduct in society. If so, then a public record of past actions—or memory—supersedes the function performed by money. This intriguing theoretical postulate remains untested. In an experiment, we show that the suggested functional equality between money and memory does not translate into an empirical equivalence. Monetary systems perform a richer set of functions than just revealing past behaviors, which proves to be crucial in promoting large-scale cooperation.

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File URL: http://www.chapman.edu/research-and-institutions/economic-science-institute/_files/WorkingPapers/money-is-more-than-memory.pdf
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Paper provided by Chapman University, Economic Science Institute in its series Working Papers with number 14-17.

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Length: 36 pages
Date of creation: 2014
Handle: RePEc:chu:wpaper:14-17
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