Agent-based approach for generation of a money-centered star network
SCIE
SCOPUS
- Title
- Agent-based approach for generation of a money-centered star network
- Authors
- Jae-Suk Yang; Okyu Kwon; Jung, WS; In-mook Kim
- Date Issued
- 2008-09-15
- Publisher
- Elsevier
- Abstract
- The history of trade is a progression from a pure barter system. A medium of exchange emerges autonomously in the market, a position currently occupied by money. We investigate an agent-based computational economics model consisting of interacting agents considering distinguishable properties of commodities which represent salability. We also analyze the properties of the commodity network using a spanning tree. We find that the "storage fee" is more crucial than "demand" in determining which commodity is used as a medium of exchange. (C) 2008 Elsevier B.V. All rights reserved.
- Keywords
- econophysics; complex network; medium of exchange; barter; FINANCIAL-MARKETS; STOCK MARKETS; EXCHANGE; MODEL; EMERGENCE
- URI
- https://oasis.postech.ac.kr/handle/2014.oak/25235
- DOI
- 10.1016/J.PHYSA.2008.05.025
- ISSN
- 0378-4371
- Article Type
- Article
- Citation
- PHYSICA A-STATISTICAL MECHANICS AND ITS APPLICATIONS, vol. 387, no. 22, page. 5498 - 5502, 2008-09-15
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