000			01437nas a2200241Ia 4500
008			241107c99999999xx |||||||||||| ||und||
022			_a0022-3808
100			_aJiang, Janet Hua _9123253
245		0	_aIs Money Essential? An Experimental Approach
260			_bJournal of Political Economy
260			_c2024
300			_a2972-2998
520			_aMonetary exchange is called essential when better outcomes become incentive compatible when money is introduced. We study essentiality theoretically and experimentally using finite-horizon monetary models that are naturally suited to the lab. Following mechanism design, we also study the effects of strategy recommendations both when they are incentive compatible and when they are not. Results show that output and welfare are significantly enhanced by fiat currency if monetary equilibrium exists but not otherwise. Also, recommendations help if incentive compatible but not otherwise. Sometimes money gets used when it should not, and we investigate why, using surveys and measures of social preferences.
650			_a Monetary Equilibrium _95106
650			_a Monetary Exchange _9123254
650			_a Monetary Models _924818
650			_aMoney
700			_a Norman, Peter _9123255
700			_a Puzzello, Daniela _9123256
700			_a Sultanum, Bruno _9123257
700			_a Wright, Randall _9123258
856			_uhttps://www.journals.uchicago.edu/doi/10.1086/730199
999			_c134471 _d134471