English, Article edition: Exchange and Specialisation as a Discovery Process Sean Crockett; VernonL. Smith; BartJ. Wilson

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Physical Description
  • article
Language
  • English

Edition details

Title
  • Exchange and Specialisation as a Discovery Process
Author
  • Sean Crockett
  • VernonL. Smith
  • BartJ. Wilson
Physical Description
  • article
Notes
  • In this article we study the performance of an economy that can support specialisation if the participants develop and follow 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 of our participants demonstrate the ability to find comparative advantage, capture gains from trade and effectively choose production that is consistent with the choices of others. We explore various treatments to provide insight into the conditions that foster the growth of specialisation and exchange within this weak institutional framework. Copyright © The Author(s). Journal compilation © Royal Economic Society 2009.
  • RePEc:ecj:econjl:v:119:y:2009:i:539:p:1162-1188
Language
  • English
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