We describe the design and results of a large scale experiment. The environment has the structure of an international economy. There are three countries, each populated with 20 agents, for a total of 60 subjects in the economy. Each country has its own currency. In each country three output goods can be produced using two factors of production. In the competitive equilibrium each country exports one of the three output goods. There are markets for outputs, for the factors of production, and for foreign exchange. We consider questions relating to exchange rates, prices of goods, production and consumption patterns, and overall efficiency of the economy.

Co-authors, Charles Plott and Raymond Riezman