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Historical Property Rights, Sociality, And The Emergence Of Impersonal Exchange In Long-Distance Trade, Bart J. Wilson, Erik Kimbrough, Vernon L. Smith
Historical Property Rights, Sociality, And The Emergence Of Impersonal Exchange In Long-Distance Trade, Bart J. Wilson, Erik Kimbrough, Vernon L. Smith
Bart J. Wilson
This laboratory experiment explores the extent to which impersonal exchange emerges from personal exchange with opportunities for long-distance trade. We design a three-commodity production and exchange economy in which agents in three geographically separated villages must develop multilateral exchange networks to import a third good only available abroad. For treatments, we induce two distinct institutional histories to investigate how past experience with property rights affect the evolution of specialization and exchange. We find that a history of un-enforced property rights hinders our subjects' ability to develop the requisite personal social arrangements necessary to support specialization and effectively exploit impersonal long-distance …
Historical Property Rights, Sociality, And The Emergence Of Impersonal Exchange In Long-Distance Trade, Bart J. Wilson, Erik Kimbrough, Vernon L. Smith
Historical Property Rights, Sociality, And The Emergence Of Impersonal Exchange In Long-Distance Trade, Bart J. Wilson, Erik Kimbrough, Vernon L. Smith
Bart J Wilson
This laboratory experiment explores the extent to which impersonal exchange emerges from personal exchange with opportunities for long-distance trade. We design a three-commodity production and exchange economy in which agents in three geographically separated villages must develop multilateral exchange networks to import a third good only available abroad. For treatments, we induce two distinct institutional histories to investigate how past experience with property rights affect the evolution of specialization and exchange. We find that a history of un-enforced property rights hinders our subjects' ability to develop the requisite personal social arrangements necessary to support specialization and effectively exploit impersonal long-distance …
Exchange And Specializiation As A Discovery Process, Bart J. Wilson, Sean Crockett, Vernon L. Smith
Exchange And Specializiation As A Discovery Process, Bart J. Wilson, Sean Crockett, Vernon L. Smith
Bart J Wilson
In this paper we study the performance of an economic environment that can support specialization if the participants implement and develop some system of exchange. We define a closed economy in which the participants must discover the ability to exchange, implement it, and ascertain what they are comparatively advantaged in producing. Many people demonstrate the ability to find comparative advantage, capture gains from trade, and effectively choose production that is consistent with the choices of others. However, many do not become specialists, even though full efficiency can only be achieved if everyone does so. Near-full efficiency does occur bilaterally in …
Exchange And Specializiation As A Discovery Process, Bart J. Wilson, Sean Crockett, Vernon L. Smith
Exchange And Specializiation As A Discovery Process, Bart J. Wilson, Sean Crockett, Vernon L. Smith
Bart J. Wilson
In this paper we study the performance of an economic environment that can support specialization if the participants implement and develop some system of exchange. We define a closed economy in which the participants must discover the ability to exchange, implement it, and ascertain what they are comparatively advantaged in producing. Many people demonstrate the ability to find comparative advantage, capture gains from trade, and effectively choose production that is consistent with the choices of others. However, many do not become specialists, even though full efficiency can only be achieved if everyone does so. Near-full efficiency does occur bilaterally in …
Experimental Gasoline Markets, Bart Wilson, Cary Deck
Experimental Gasoline Markets, Bart Wilson, Cary Deck
Bart J. Wilson
Zone pricing in wholesale gasoline markets is a contentious topic in the public policy debate. Refiners contend that they use zone pricing to be competitive with local rivals. Critics claim that zone pricing benefits the oil industry and harms consumers. With a controlled experiment, we investigate the competitive effects of zone pricing on consumers, retail stations, and refiners vis-a-vis the proposed policy prescription of uniform wholesale pricing to retailers. We also examine the issue of divorcement and the rockets and feathers phenomenon. The former is the legal restriction that refiners and retailers cannot be vertically integrated, and the latter is …
Experimental Gasoline Markets, Bart J. Wilson, Cary A. Deck
Experimental Gasoline Markets, Bart J. Wilson, Cary A. Deck
Bart J Wilson
Zone pricing in wholesale gasoline markets is a contentious topic in the public policy debate. Refiners contend that they use zone pricing to be competitive with local rivals. Critics claim that zone pricing benefits the oil industry and harms consumers. With a controlled experiment, we investigate the competitive effects of zone pricing on consumers, retail stations, and refiners vis-a-vis the proposed policy prescription of uniform wholesale pricing to retailers. We also examine the issue of divorcement and the rockets and feathers phenomenon. The former is the legal restriction that refiners and retailers cannot be vertically integrated, and the latter is …