Endogenous currency formation in an online environment: The case of Diablo II

详细信息    查看全文

• 作者：Alexander William Salter ; Solomon Stein
• 关键词：Exchange frictions ; Epistemic frictions ; Kiyotaki ; Wright ; Medium of exchange ; Menger ; Money emergence ; Online societies
• 刊名：The Review of Austrian Economics
• 出版年：2016
• 出版时间：March 2016
• 年：2016
• 卷：29
• 期：1
• 页码：53-66
• 全文大小：562 KB
• 参考文献：Alchian, A. A. (1977). Why Money? Journal of Money, Credit and Banking, 9(1), 133–40.CrossRef
  Aliprantis, C. D., Camera, G., & Puzzello, D. (2006). Matching and anonymity. Economic Theory, 29, 415–432.CrossRef
  Aliprantis, C. D., Camera, G., & Puzzello, D. (2007a). Contagion equilibria in a monetary model. Econometrica, 75(1), 277–282.CrossRef
  Aliprantis, C. D., Camera, G., & Puzzello, D. (2007b). Anonymous markets and monetary trading. Journal of Monetary Economics, 54(7), 1905–1928.CrossRef
  Araujo Luis, Braz Camargo (2008) Money and memory. Working Paper
  Araujo Luis, Braz Camargo (2010) Money versus memory. Working Paper
  Axtell, R. L. (2007). What economic agents Do: How cognition and interaction lead to emergence and complexity. Review of Austrian Economics, 20(2), 105–122.CrossRef
  Brown, P. M. (1996). Experimental evidence on money as a medium of exchange. Journal of Economic Dynamics and Control, 20(4), 583–600.CrossRef
  Buchanan, J. M. (1964). What should economists Do? Southern Economic Journal, 30(3), 213–222.CrossRef
  Castronova, E. (2004). The price of bodies: A hedonic analysis of avatar attributes in a synthetic world. Kyklos, 57(2), 173–196.CrossRef
  Castronova, E. (2006). On the research value of large games: Natural experiments in norrath and Camelot. Games and Culture, 1(2), 163–186.CrossRef
  Duffy, J. (2001). Learning to speculate: Experiments with artificial and real agents. Journal of Economic Dynamics and Control, 25(3–4), 295–319.CrossRef
  Duffy John (2008) Macroeconomics: A Survey of Laboratory Research. The Handbook of Experimental Economics, 2, A. Roth and J. Kagel, eds. Princeton: Princeton University Press
  Duffy, J., & Ochs, J. (1999). Emergence of money as a medium of exchange: An experimental study. American Economic Review, 89(4), 847–877.CrossRef
  Duffy, J., & Ochs, J. (2002). Intrinsically worthless objects as media of exchange: Experimental evidence. International Economic Review, 43(3), 637–673.CrossRef
  Giansante Simone (2006) Social Networks and Medium of Exchange. Working Paper
  Hasker Kevin, Ahmet Tahmilci (2008) The Rise of Money: An Evolutionary Analysis of the Origins of Money. Working Paper
  Kawagoe, T. (2007). Learning to Use a perishable good as money. Multi-Agent-Based Simulation VII, 4442, 96–111.CrossRef
  Kiyotaki, N., & Wright, R. (1989). On money as a medium of exchange. Journal of Political Economy, 97(4), 927–54.CrossRef
  Kiyotaki, N., & Wright, R. (1991). A contribution to the pure theory of money. Journal of Economic Theory, 53(2), 215–35.CrossRef
  Kiyotaki, N., & Wright, R. (1993). A search-theoretic approach to monetary economics. American Economic Review, 83(1), 63–77.
  Kocherlakota, N. R. (2002). The Two-money theorem. International Economic Review, 43(2), 333–346.CrossRef
  Kocherlakota, N. R., & Neil, W. (1998). Incomplete record-keeping and optimal payment arrangements. Journal of Economic Theory, 81(2), 272–289.CrossRef
  Lagos R, Wright R (2007) When is Money Essential? A Comment on Aliprantis, Camera and Puzzello. Working Paper
  Luther William J. Forthcoming. Evenly Rotating Economy. Review of Austrian Economics.
  Luther William J (2011) Is Money Inessential in Equilibrium? Working Paper
  Menger, K. (1892). On the origins of money. The Economic Journal, 2(6), 239–255.CrossRef
  Radford, R. A. (1945). The economic organisation of a P.O.W. Camp. Economica, 12(48), 189–201.CrossRef
  Seagren, C. W. (2011). Examining social processes with agent-based models. Review of Austrian Economics, 24(1), 1–17.CrossRef
  Selgin, G. A. (2008). Good money: Birmingham button makers, the royal mint, and the beginnings of modern coinage, 1775–1821. Ann Arbor: University of Michigan Press.
  Stein Solomon M (2013) Take Your Dupes, and Sell Them to Charsi: Governance, Legitimacy, and Economic Culture in Diablo II. Working Paper
  von Mises, L. (2008). Human action: A treatise on economics (Scholar’s edition). Auburn: Ludwig von Mises Institute.
  Williamson, S., & Wright, R. (1994). Barter and monetary exchange under private information. American Economic Review, 84(1), 104–123.
  Wagner, R. E. (2010). Mind, society, and human action: Time and knowledge in a theory of social economy. London: Routledge.
  
• 作者单位：Alexander William Salter (1)
  Solomon Stein (2)
  
  1. Department of Economics, Berry College, 2277 Martha Berry Hwy NW, Mount Berry, GA, 30149, USA
  2. Department of Economics, George Mason University, MSN 3G4, Fairfax, VA, 22030, USA
  
• 刊物类别：Business and Economics
• 刊物主题：Economics
  Public Finance and Economics
  Political Science
  Methodology and the History of Economic Thought
  
• 出版者：Springer Netherlands
• ISSN：1573-7128

文摘

This paper presents a case study of the emergence of currency from a barter economy in an online game community. We use this case study to attempt to shed light on the relative importance of various types of frictions that lead to the emergence of money in search-theoretic models of currency formation. In particular, our study highlights the importance of exchange frictions relative to epistemic frictions. Using the records of an online message board dedicated to facilitating trades within the game, we document the emergence of currency and its stability over time.