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Under what conditions can cooperation be sustained in a network of strangers? Here we study the role of institutions and uncover a new behavioral foundation for the use of monetary systems. In an experiment, anonymous subjects could cooperate or defect in bilateral random encounters. This...
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goods trade model which also captures trade through time in the form of inside money as used in macro literature on one good … way. -- Inside money ; general equilibrium ; Nash equilibrium ; numerical analysis ; tariff rate …
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The context of competition -- Game theory and gaming -- Measurement and modeling -- One-period markets -- Endogenizing …
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