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Contribution Details
| Type | Journal Article |
| Scope | Discipline-based scholarship |
| Title | Indirect Reciprocity and Money |
| Organization Unit | |
| Authors |
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| Item Subtype | Original Work |
| Refereed | Yes |
| Status | Published in final form |
| Language |
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| Journal Title | Games and Economic Behavior |
| Publisher | Elsevier |
| Geographical Reach | international |
| ISSN | 0899-8256 |
| Volume | 70 |
| Number | 2 |
| Page Range | 354 - 374 |
| Date | 2010 |
| Abstract Text | Using an experimental analysis of a simple monetary economy as a basis, we argue that a monetary system can be more stable than one would expect from individual rationality. We show that positive reciprocity stabilizes the monetary system, provided every participant considers the feedback of his choice to the stationary equilibrium. If, however, the participants do not play stationary strategies and some participants notoriously refuse to accept money, then due to negative reciprocity their behavior will eventually induce a break-down of the monetary system. |
| Free access at | DOI |
| Digital Object Identifier | 10.1016/j.geb.2010.02.003 |
| Other Identification Number | merlin-id:427 |
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