John Duffy Experiments and Crypto

John Duffy and Daniela Puzzello published a paper in 2014 on adopting fiat money. I think of that paper when I hear the ever-more-frequent discussions of crypto currencies around me. To research the topic, I went to John Duffy’s website. There I found a May 2021 working paper about adopting new currencies in which they directly reference crypto. Before explaining that interesting new paper, first I will summarize the 2014 paper “Gift Exchange versus Monetary Exchange.”

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Talking about redistribution in the lab

I am grateful to Yang Zhou for inviting me to talk about a working paper (with Gavin Roberts) on Friday. Yang told me that this audience is not familiar with lab experiments, so I’m going to take a few minutes out of my time to set the stage for my research.

There is a new book out, Causal Inference by Scott Cunningham, that is the talk of #EconTwitter (Cunningham, 2021). The book is 500 pages of dense prose and code. Here is a review saying that Cunningham left out many key things that a practitioner would need to know. Causal inference from naturally occurring data is hard!

Lab experiments bring something important to the research community. Lab experiments give the researcher a lot of control, which is why they are particularly useful for causal inference  (Samek, 2019).

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