Not an experimental paper per se but it does reference papers by Duffy and others on experiments testing the emergence of money. The point being that humans seem to be necessary to the story:
"In economies populated by human subjects, however, epistemic frictions like the private nature of past actions create a role for money."
Otherwise in Walrasian equilibrium with hyper rational agents why do we need such a clumsy device as money?
The nature of money is at the core of a lot of macro dilemmas. The shadow banking system evolved its own sort of private money and this was central to understanding the financial crash, according to Gary Gorton.
The paper is here:
http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2572057
"In economies populated by human subjects, however, epistemic frictions like the private nature of past actions create a role for money."
Otherwise in Walrasian equilibrium with hyper rational agents why do we need such a clumsy device as money?
The nature of money is at the core of a lot of macro dilemmas. The shadow banking system evolved its own sort of private money and this was central to understanding the financial crash, according to Gary Gorton.
The paper is here:
http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2572057