Emergence of Money as a Medium of Exchange: An Experimental Study
通过实验检验货币作为交换媒介的搜索理论模型，发现被试倾向于采用“基本面”策略而非“投机”策略，且行为主要受过去收益驱动，而非理论强调的市场性考虑。
This paper reports findings from an experiment that implements a search-theoretic model of money as a medium of exchange. The question examined is whether subjects learn to adopt the same commodities as media of exchange that the model predicts will be used in equilibrium. We report that subjects have a strong tendency to play “fundamental” rather than “speculative” strategies even in environments where speculative strategies yield higher payoffs. We examine some possible motivations for subjects' behavior and conclude that subjects are mainly motivated by past payoff experience as opposed to the marketability considerations that the theory emphasizes.