SIMULATING A MULTIPRODUCT BARTER EXCHANGE ECONOMY

Daniel Levy (daniel.levy@biu.ac.il) and Mark Bergen
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Mark Bergen: Carlson School of Management - UMN - University of Minnesota [Twin Cities] - UMN - University of Minnesota System

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Abstract: We 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 for simulating a pure exchange market in order to demonstrate the role of money and its functions in real economies by showing the limitations and inefficiencies of the traditional barter economy. In addition, the simulation is very effective in highlighting some of the key features that an object that serves as money needs to possess in order to function as an efficient medium of exchange, unit of account, and store of value.

Date: 1993
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Published in Economic Inquiry, 1993, 31 (2), pp.314-321. ⟨10.1111/j.1465-7295.1993.tb00885.x⟩

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Related works:
Working Paper: Simulating a Multiproduct Barter Exchange Economy (2005)
Journal Article: Simulating a Multiproduct Barter Exchange Economy (1993)
Journal Article: Simulating a Multiproduct Barter Exchange Economy (1993)
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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-02382710

DOI: 10.1111/j.1465-7295.1993.tb00885.x

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