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We discuss the design of efficient scrip systems and develop tools forempirically analyzing them. For those interested in the empirical study ofscrip systems, we demonstrate how characteristics of agents in a system can beinferred from the equilibrium distribution of money. From the perspective of asystem designer, we examine the effect of the money supply on social welfareand show that social welfare is maximized by increasing the money supply up tothe point that the system experiences a ``monetary crash,'' where money issufficiently devalued that no agent is willing to perform a service. We alsoexamine the implications of the presence of altruists and hoarders on theperformance of the system. While a small number of altruists may improve socialwelfare, too many can also cause the system to experience a monetary crash,which may be bad for social welfare. Hoarders generally decrease social welfarebut, surprisingly, they also promote system stability by helping preventmonetary crashes. In addition, we provide new technical tools for analyzing andcomputing equilibria by showing that our model exhibits strategiccomplementarities, which implies that there exist equilibria in pure strategiesthat can be computed efficiently.

Optimizing Scrip Systems: Efficiency, Crashes, Hoarders, and Altruists