Quick Search:

uzh logo
Browse by:
bullet
bullet
bullet
bullet

Zurich Open Repository and Archive

Permanent URL to this publication: http://dx.doi.org/10.5167/uzh-52036

Hens, Thorsten; Vogt, Bodo (2003). Money and Reciprocity. Working paper series / Institute for Empirical Research in Economics No. 138, University of Zurich.

[img]
Preview
PDF
748kB

Abstract

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.

Downloads

260 downloads since deposited on 29 Nov 2011
92 downloads since 12 months

Detailed statistics

Additional indexing

Item Type:Working Paper
Communities & Collections:03 Faculty of Economics > Department of Economics
Working Paper Series > Institute for Empirical Research in Economics (former)
DDC:330 Economics
Language:English
Date:November 2003
Deposited On:29 Nov 2011 21:25
Last Modified:09 Jul 2012 05:02
Series Name:Working paper series / Institute for Empirical Research in Economics
ISSN:1424-0459
Official URL:http://www.econ.uzh.ch/wp.html

Users (please log in): suggest update or correction for this item

Repository Staff Only: item control page