Medium of Exchange Matters

Sanford Ely DeVoe · Sheena S. Iyengar

52 citations0/0 files storedPsychological Science

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Experimental Behavioral Economics Studies Decision-Making and Behavioral Economics Social Power and Status Dynamics

Abstract

Organized groups face a fundamental problem of how to distribute resources fairly. We found people view it as less fair to distribute resources equally when the allocated resource invokes the market by being a medium of exchange than when the allocated resource is a good that holds value in use. These differences in fairness can be attributed to being a medium of exchange, and not to other essential properties of money (i.e., being a unit of account or a store of value). These findings suggest that egalitarian outcomes have a greater likelihood of being accepted as fair when the resources being distributed take the form of in-kind goods rather than of cash transfers.

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References

1992The four elementary forms of sociality: Framework for a unified theory of social relations.2008Egalitarianism in young children 2006The Psychological Consequences of Money 2006Diminishing Reciprocal Fairness by Disrupting the Right Prefrontal Cortex 2004Effort for Payment 1983What's Fair?: American Beliefs about Distributive Justice.1997The Social Meaning of Money. Pin Money, Paychecks, Poor Relief and Other Currencies 2008Transfers in Cash and In-Kind: Theory Meets the Data

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