Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/206714
Authors: 
Levy, Daniel
Bergen, Mark
Year of Publication: 
1993
Citation: 
[Journal:] Economic Inquiry [ISSN:] 1465-7295 [Volume:] 31 [Issue:] 2 [Pages:] 314-321
Abstract: 
We describe a multiproduct barter trading experiment in which students exchange real goods in an open market based on their own personal preference. The experiment is designed for simulating a pure exchange market in order to demonstrate the role of money and its functions in real economies by showing the limitations and inefficiencies of the traditional barter economy. In addition, the simulation is very effective in highlighting some of the key features that an object that serves as money needs to possess in order to function as an efficient medium of exchange, unit of account, and store of value.
Subjects: 
Money
Demand for Money
Barter Exchange
Monetary Experiment
Functions of Money
Medium of Exchange
Store of Value
Unit of Account
Features of Money
Information Cost
Identification Cost
JEL: 
A22
E40
Published Version’s DOI: 
Document Type: 
Article
Document Version: 
Accepted Manuscript (Postprint)

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