Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/159868
Authors: 
Bigoni, Maria
Camera, Gabriele
Casari, Marco
Year of Publication: 
2015
Series/Report no.: 
Quaderni - Working Paper DSE 1030
Abstract: 
Impersonal exchange is the hallmark of an advanced society and money is one key institution that supports it. Economic theory regards money as a crude arrangement for monitoring counterparts' past conduct. If so, then a public record of past actions—or memory—should supersede the function performed by money. This intriguing theoretical postulate remains untested. In an experiment, we show that the suggested functional equivalence between money and memory does not translate into an empirical equivalence. Monetary systems perform a richer set of functions than just revealing past behaviors, which are crucial in promoting large-scale cooperation.
JEL: 
C70
C90
D03
E02
Persistent Identifier of the first edition: 
Creative Commons License: 
https://creativecommons.org/licenses/by-nc/3.0/
Document Type: 
Working Paper

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