Experimental evidence on the evolution of meaning of messages in sender-receiver games
Article Abstract:
Research was conducted to examine the evolution of message meanings when talk is cheap. Focus was made on the communication between a privately informed sender and a receiver when the message has no direct effect on payoffs. Results indicate that effective communication will evolve when the players' interests are closely aligned which will be determined by three factors, namely, the size of the message space, the degree of divergence of interest and initial conditions.
Publication Name: American Economic Review
Subject: Economics
ISSN: 0002-8282
Year: 1998
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Emergence of money as a medium of exchange: an experimental study
Article Abstract:
The study attempts to determine if people are able to adopt similar commodities as the medium of exchange using the model of money in equilibrium. A strong tendency to use fundamental rather than speculative analysis among subjects was observed even when speculation would have yielded higher gains. Past payoff experiences as against considerations of marketability was the main motivating factor among subjects.
Publication Name: American Economic Review
Subject: Economics
ISSN: 0002-8282
Year: 1999
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