We conducted a field experiment on the Internet and investigated the participants' belief updating in an individual learning environment where they observe a sequence of private signals and in a social learning environment where they observe a sequence of other people's actions. We observed that...

In this paper, a variant of Kiyotaki and Wright model of emergence of money is investigated. In the model, each good has different durability rather than storage cost assumed in Kiyotaki and Wright model. Two goods are infinitely durable but one is not durable. With certain condition, non...