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Kimbrough, Erik O.,
Vernon L. Smith, and
Bart J. Wilson. 2008. "Historical Property Rights, Sociality, and the Emergence of Impersonal Exchange in Long-Distance Trade."
,
98(3): 1009-39.
Show Article Details
DOI: 10.1257/aer.98.3.1009
Abstract:This laboratory experiment explores the extent to which impersonal exchange
emerges from personal exchange with opportunities for long-distance trade.
We design a three-commodity production and exchange economy in which
agents
in three geographically separated villages must develop multilateral
exchange networks to import a good only available abroad. For treatments,
we induce two distinct institutional histories to investigate how past
experience with property rights affects the evolution of specialization
and exchange. We find that a history of unenforced property rights hinders
our subjects' ability to develop the requisite personal social
arrangements to support specialization and effectively exploit impersonal
long-distance trade.
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Authors:
Kimbrough, Erik O. (Interdisciplinary Center for Economic Science, George Mason U)
Smith, Vernon L. (Economic Science Institute, Chapman U)
Wilson, Bart J. (Economic Science Institute, Chapman U)
JEL Classifications:
D51: Exchange and Production Economies
P14: Capitalist Systems: Property Rights
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