Gift Exchange versus Monetary Exchange: Theory and Evidence
通过实验室实验研究Lagos和Wright（2005）的货币交换模型，发现受试者偏好货币均衡而非礼物交换均衡，且引入货币能提高福利，表明货币是提升效率的协调工具。
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.