A self-organising model of market with single commodity
AbstractWe have studied here the self-organising features of the dynamics of a model market, where the agents ‘trade’ for a single commodity with their money. The model market consists of fixed numbers of economic agents, money supply and commodity. We demonstrate that the model, apart from showing a self-organising behaviour, indicates a crucial role for the money supply in the market and also its self-organising behaviour is seen to be significantly affected when the money supply becomes less than the optimum. We also observed that this optimal money supply level of the market depends on the amount of ‘frustration’ or scarcity in the commodity market.
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Bibliographic InfoArticle provided by Elsevier in its journal Physica A: Statistical Mechanics and its Applications.
Volume (Year): 297 (2001)
Issue (Month): 1 ()
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Web page: http://www.journals.elsevier.com/physica-a-statistical-mechpplications/
Self-organisation; Market; Money supply; Frustration;
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- Victor M. Yakovenko & J. Barkley Rosser, 2009. "Colloquium: Statistical mechanics of money, wealth, and income," Papers 0905.1518, arXiv.org, revised Dec 2009.
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