The Pacific Ocean island countries in Micronesian region, which comprise geographically isolated islands, own their unique histories, cultures, languages, and habits, while maintaining trade activities and interaction with other islands.
This region shares common traditions, such as consciousness of land ownership and matrilineal extended family system, which is attractive as a field of experimental research. The establishment of credit system in this region, represented by the Rai stone in the island of Yap, leads to the concept of virtual currency in contemporary economic research.
Through economic experiment, natural experiment, and field works, this research reveals norm, property rights, credit creation, and time preference on contemporary economic theory in the Pacific Ocean Island Countries centered on the Federated States of Micronesia (FSM).
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