Intrinsically Worthless Objects as Media of Exchange: Experimental Evidence*
通过实验室实验，检验了Kiyotaki和Wright的货币搜寻模型中，内在无价值的代币能否充当交换媒介。实验发现，当交易能降低存储成本时，被试几乎总是愿意换取代币，但理论预测应交换代币换取高存储成本商品时，被试却常拒绝。
This article reports results from an experiment that examines whether an intrinsically worthless, ‘‘token'’ object serves as a medium of exchange in a laboratory implementation of Kiyotaki and Wright's search model of money. The theory admits Nash equilibria in which the token object is or is not used as a medium of exchange. We find that subjects nearly always offer to trade for the token object when such a trade lowers their storage costs. However, subjects frequently refuse to offer to trade the token object for more costly‐to‐store goods when the theory predicts they should make such trades.