Emergent Specializations in a Commodity Market: A Multi-Agent Model—Graduate Student Best Paper Award, CASOS 2001 Conference

  • Authors:
  • Maksim Tsvetovat;Kathleen M. Carley

  • Affiliations:
  • Department of Social and Decision Sciences, Carnegie Mellon University, Pittsburgh, PA 15213, USA. maksim@cs.cmu.edu;Department of Social and Decision Sciences, Carnegie Mellon University, Pittsburgh, PA 15213, USA. kcarley@ece.cmu.edu

  • Venue:
  • Computational & Mathematical Organization Theory
  • Year:
  • 2002

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Abstract

It has been observed in many instances that markets have a tendency to segment themselves into distinct sub-markets. This paper presents a multi-agent model that illustrates emergent market segmentation. The model illustrates the way local optimization processes result in an emergent global improvement of social welfare.