An economy with personal currency: theory and experimental evidence
نویسندگان
چکیده
منابع مشابه
An Economy with Personal Currency: Theory and Experimental Evidence
Is personal currency issued by participants sufficient to operate an economy efficiently, with no outside or government money? Sahi and Yao (1989) and Sorin (1996) constructed a strategic market game to prove that this is possible. We conduct an experimental game in which each agent issues her personal IOUs, and a costless efficient clearinghouse adjusts the exchange rates among them so the mar...
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ژورنال
عنوان ژورنال: Annals of Finance
سال: 2010
ISSN: 1614-2446,1614-2454
DOI: 10.1007/s10436-010-0155-5