Replication data for: Partners or Strangers? Cooperation, Monetary Trade, and the Choice of Scale of Interaction
Principal Investigator(s): View help for Principal Investigator(s) Maria Bigoni; Gabriele Camera; Marco Casari
Version: View help for Version V1
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data | 10/12/2019 11:09:PM | ||
LICENSE.txt | text/plain | 14.6 KB | 10/12/2019 07:09:PM |
Project Citation:
Bigoni, Maria, Camera, Gabriele, and Casari, Marco. Replication data for: Partners or Strangers? Cooperation, Monetary Trade, and the Choice of Scale of Interaction. Nashville, TN: American Economic Association [publisher], 2019. Ann Arbor, MI: Inter-university Consortium for Political and Social Research [distributor], 2019-10-12. https://doi.org/10.3886/E114371V1
Project Description
Summary:
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We show that monetary exchange facilitates the transition from small to large-scale economic interactions. In an experiment, subjects chose to play an "intertemporal cooperation game" either in partnerships or in groups of strangers where payoffs could be higher. Theoretically, a norm of mutual support is sufficient to maximize efficiency through large-scale cooperation. Empirically, absent a monetary system, participants were reluctant to interact on a large scale; and when they did, efficiency plummeted compared to partnerships because cooperation collapsed. This failure was reversed only when a stable monetary system endogenously emerged: the institution of money mitigated strategic uncertainty problems.
Scope of Project
JEL Classification:
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C71 Cooperative Games
C73 Stochastic and Dynamic Games; Evolutionary Games; Repeated Games
E42 Monetary Systems; Standards; Regimes; Government and the Monetary System; Payment Systems
C71 Cooperative Games
C73 Stochastic and Dynamic Games; Evolutionary Games; Repeated Games
E42 Monetary Systems; Standards; Regimes; Government and the Monetary System; Payment Systems
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