Replication data for: Gift Exchange versus Monetary Exchange: Theory and Evidence
Principal Investigator(s): View help for Principal Investigator(s) John Duffy; Daniela Puzzello
Version: View help for Version V1
Name | File Type | Size | Last Modified |
---|---|---|---|
DuffyPuzzelloData | 10/19/2021 02:39:PM | ||
LICENSE.txt | text/plain | 14.6 KB | 10/11/2019 06:35:PM |
Project Citation:
Duffy, John, and Puzzello, Daniela. Replication data for: Gift Exchange versus Monetary Exchange: Theory and Evidence. Nashville, TN: American Economic Association [publisher], 2014. Ann Arbor, MI: Inter-university Consortium for Political and Social Research [distributor], 2019-10-11. https://doi.org/10.3886/E112827V1
Project Description
Summary:
View help for Summary
We study the Lagos and Wright (2005) model of monetary exchange in the laboratory.
With a finite population of sufficiently patient agents, this model has a unique
monetary equilibrium and a continuum of non-monetary gift exchange equilibria, some
of which Pareto dominate the monetary equilibrium. We find that subjects avoid the
gift-exchange equilibria in favor of the monetary equilibrium. We also study versions of
the model without money where all equilibria involve non-monetary gift-exchange. We
find that welfare is higher in the model with money than without money, suggesting
that money plays a role as an efficiency enhancing coordination device.
Scope of Project
Subject Terms:
View help for Subject Terms
Monetary Economics;
Experimental Economics;
Efficiency;
Gift Exchange
JEL Classification:
View help for JEL Classification
C92 Design of Experiments: Laboratory, Group Behavior
D12 Consumer Economics: Empirical Analysis
E40 Money and Interest Rates: General
Z13 Economic Sociology; Economic Anthropology; Language; Social and Economic Stratification
C92 Design of Experiments: Laboratory, Group Behavior
D12 Consumer Economics: Empirical Analysis
E40 Money and Interest Rates: General
Z13 Economic Sociology; Economic Anthropology; Language; Social and Economic Stratification
Geographic Coverage:
View help for Geographic Coverage
United States
Time Period(s):
View help for Time Period(s)
2/19/2010 – 11/27/2012
Universe:
View help for Universe
Groups of size 6 or of size 14, randomly formed for laboratory study.
Data Type(s):
View help for Data Type(s)
event/transaction data;
observational data;
experimental data;
aggregate data
Methodology
Data Source:
View help for Data Source
Experimental data collected by the authors.
Unit(s) of Observation:
View help for Unit(s) of Observation
Groups,
Individuals
Related Publications
Published Versions
Report a Problem
Found a serious problem with the data, such as disclosure risk or copyrighted content? Let us know.
This material is distributed exactly as it arrived from the data depositor. ICPSR has not checked or processed this material. Users should consult the investigator(s) if further information is desired.