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| Type | Working Paper |
| Scope | Discipline-based scholarship |
| Title | Money and Reciprocity |
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| Authors |
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| Language |
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| Institution | University of Zurich |
| Series Name | Working paper series / Institute for Empirical Research in Economics |
| Number | No. 138 |
| ISSN | 1424-0459 |
| Date | 2003 |
| Abstract Text | Based on an experimental analysis of a simple monetary economy we argue that a monetarynsystem is more stable than one would expect from individual rationality. We show thatnpositive reciprocity stabilizes the monetary system, provided every participant considers thenfeedbacks of his choice to the stationary equilibrium. If however the participants do not playnstationary strategies and some participants notoriously refuse to accept money then due tonnegative reciprocity their behavior will eventually induce a break down of the monetarynsystem. |
| Official URL | http://www.econ.uzh.ch/wp.html |
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