Adaptation in natural and artificial systems
Adaptation in natural and artificial systems
Genetic Algorithms in Search, Optimization and Machine Learning
Genetic Algorithms in Search, Optimization and Machine Learning
Organizing and Synchronizing Multi-Agent Systems with the help of Abstract Money
IPDPS '01 Proceedings of the 15th International Parallel & Distributed Processing Symposium
Choice of Transaction Channels: The Effects of Product Characteristics on Market Evolution
Journal of Management Information Systems
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The paper generalizes the Kiyotaki-Wright trade model by treatingthe trading period as a finite game, so Nash‘s theorem can be used to provethe existence of equilibrium, and by treating the economy as a Markovprocess, so an ergodic theorem can be used to show the existence ofequilibria with desirable properties (e.g., in which money exists). A Markovmodel of trade also allows us to add complexity to the economy withoutadding corresponding complexity to the analysis of the model‘s properties.The paper also provides artificial life simulations of the Markov economysuggesting that monetary equilibria are dynamically stable and do notrequire high levels of learning or information processing on the part ofagents.