This article reports results from an experiment that examines whether an intrinsically worthless, "token" object serves as a medium of exchange in a laboratory implementation of Kiyotaki and Wright's search model of money. The theory admits Nash equilibria in which the token object is or is not...

We report results from an experiment that explores the empirical validity of "correlated equilibrium", an important generalization of Nash equilibrium. Specifically, we examine the conditions under which subjects playing the game of Chicken will condition their behavior on private third-party...