TY  - UNPD
A1  - Bigoni, Maria
A1  - Camera, Gabriele
A1  - Casari, Marco
T1  - Money is more than memory
T2  - Center for Financial Studies (Frankfurt am Main): CFS working paper series ; No. 496
N2  - Impersonal exchange is the hallmark of an advanced society. One key institution for impersonal exchange is money, which economic theory considers just a primitive arrangement for monitoring past conduct in society. If so, then a public record of past actions — or memory — supersedes the function performed by money. This intriguing theoretical postulate remains untested. In an experiment, we show that the suggested functional equality between money and memory does not translate into an empirical equivalence. Monetary systems perform a richer set of functions than just revealing past behaviors, which proves to be crucial in promoting large-scale cooperation.
T3  - CFS working paper series - 496 
KW  - cooperation
KW  - intertemporal trade
KW  - experiments
KW  - social norm
KW  - social dilemmas
Y1  - 2014
UR  - http://publikationen.ub.uni-frankfurt.de/frontdoor/index/index/docId/35610
UR  - https://nbn-resolving.org/urn:nbn:de:hebis:30:3-356109
UR  - http://ssrn.com/abstract=2527879
IS  - October 27, 2014
PB  - Center for Financial Studies
CY  - Frankfurt, M.
ER  -