Gift Exchange versus Monetary Exchange: Theory and Evidence

• 成果类型: Article
• 署名作者: Duffy, John; Puzzello, Daniela
• 署名单位: University of California System; University of California Irvine; Indiana University System; Indiana University Bloomington
• 刊物名称: AMERICAN ECONOMIC REVIEW
• ISSN/ISSBN: 0002-8282
• DOI: 10.1257/aer.104.6.1735
• 发表日期: 2014
• 页码: 1735-1776
• 关键词: fiat money; EXPERIMENTAL ECONOMY; social norms; BEHAVIOR; MARKETS; TRADE; MODEL

摘要

We study the Lagos and Wright (2005) model of monetary exchange in the laboratory. With a finite population of sufficiently patient agents, this model has a unique monetary equilibrium and a continuum of non-monetary gift exchange equilibria, some of which Pareto dominate the monetary equilibrium. We find that subjects avoid the gift exchange equilibria in favor of the monetary equilibrium. We also study versions of the model without money where all equilibria involve non-monetary gift exchange. We find that welfare is higher in the model with money than without money, suggesting that money plays a role as an efficiency enhancing coordination device.