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...

The authors report and compare results from several different versions of an experimental interactive guessing game first studied by R. Nagel (1995), which they refer to as the 'beauty contest' game following J. M. Keynes (1936). In these games, groups of subjects are repeatedly asked to...