All Value Is Subjective, Experimental Economics Style

The experiment is over: blogger Kyle MacDonald has, in a year's time, traded up a red paper clip for a three-bedroom, 1,100 square foot home. All the details via an AP account.

Reason's 2002 interview with experimental economics pioneer Vernon Smith. (And no, MacDonald's stunt was not done as a deliberate attempt to test any given economics principle empirically.)