Beans as a Medium of Exchange
Harold Fried and
Daniel Levy ()
Additional contact information
Harold Fried: Union College
General Economics and Teaching from University Library of Munich, Germany
This note describes an experiment, which is an extension of the experiment proposed by Levy and Bergen (1993). The experiment is designed to simulate an environment where something that is very similar to fiat money (i.e., is homogenous, durable, portable, storable, divisible, has no intrinsic value of its own, etc.) will be accepted in market transactions and thus will have a “value.” This is accomplished through an implementation of a taxation mechanism in the spirit of legal restriction theory of monetary economics.
Keywords: Roles of Money; Functions of Money; Barter; Exchange Economy; Medium of Exchange; Store of Value; Unit of Account; Experiment; Efficient and Inefficient Medium of Exchange; Types of Money; Fiat Money; Commodity Money; Features of Money; Homogeneity; Divisibility; Durability; Storability; Portability; Scarcity; Efficiency versus Equity; Information Cost (search for similar items in EconPapers)
JEL-codes: A22 C90 C91 C92 E40 E41 E42 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-exp and nep-mac
Note: Type of Document - pdf; pages: 5
References: Add references at CitEc
Citations View citations in EconPapers (3) Track citations by RSS feed
Downloads: (external link)
This item may be available elsewhere in EconPapers: Search for items with the same title.
Export reference: BibTeX
RIS (EndNote, ProCite, RefMan)
Persistent link: https://EconPapers.repec.org/RePEc:wpa:wuwpgt:0505001
Access Statistics for this paper
More papers in General Economics and Teaching from University Library of Munich, Germany
Bibliographic data for series maintained by EconWPA ().