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Self-Organization of Markets: An Example of a Computational Approach

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  • Vriend, Nicolaas J

Abstract

A model of decentralized trade is simulated with firms that produce a given commodity, and consumers who repeatedly wish to purchase one unit of that commodity. Consumers 'shop around,' while firms may attract the attention of potential customers by sending information signals and offering good service. The main objective of this paper is to present an example of computational approach to address the following question: How do self-organized markets emerge in the economy, and what are their characteristics? Citation Copyright 1995 by Kluwer Academic Publishers.

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Bibliographic Info

Article provided by Society for Computational Economics in its journal Computational Economics.

Volume (Year): 8 (1995)
Issue (Month): 3 (August)
Pages: 205-31

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Handle: RePEc:kap:compec:v:8:y:1995:i:3:p:205-31

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Cited by:
  1. Chen, Shu-Heng, 2012. "Varieties of agents in agent-based computational economics: A historical and an interdisciplinary perspective," Journal of Economic Dynamics and Control, Elsevier, vol. 36(1), pages 1-25.
  2. Allen Wilhite, 2000. "Self-Organizing Production And Exchange," Computing in Economics and Finance 2000 273, Society for Computational Economics.
  3. Klos, Tomas B. & Nooteboom, Bart, 2001. "Agent-based computational transaction cost economics," Journal of Economic Dynamics and Control, Elsevier, vol. 25(3-4), pages 503-526, March.
  4. Leigh Tesfatsion, 1998. "Gale-Shapley Matching in an Evolutionary Trade Network Game," Game Theory and Information 9805004, EconWPA, revised 26 Jul 1998.
  5. Tesfatsion, Leigh S., 1998. "Teaching Agent-Based Computational Economics to Graduate Students," Staff General Research Papers 1199, Iowa State University, Department of Economics.
  6. Kirman, Alan P. & Vriend, Nicolaas J., 2001. "Evolving market structure: An ACE model of price dispersion and loyalty," Journal of Economic Dynamics and Control, Elsevier, vol. 25(3-4), pages 459-502, March.
  7. Vriend, Nicolaas J., 1996. "Rational behavior and economic theory," Journal of Economic Behavior & Organization, Elsevier, vol. 29(2), pages 263-285, March.
  8. Andreas Ortmann & Sergey Slobodyan, 2008. "(The Evolution of) Post-Secondary Education: A Computational Model and Experiments," CERGE-EI Working Papers wp355, The Center for Economic Research and Graduate Education - Economic Institute, Prague.
  9. Leigh TESFATSION, 1996. "An Evolutionary Trade Network Game With Preferential Partner Selection," Economic Report 38, Iowa State University Department of Economics.
  10. Denis Phan & Stephane Pajot & Jean-Pierre Nadal, 2003. "The Monopolist's Market with Discrete Choices and Network Externality Revisited: Small-Worlds, Phase Transition and Avalanches in an ACE Framework," Computing in Economics and Finance 2003 150, Society for Computational Economics.
  11. Gabriel Galand, 2009. "The Neutrality of Money Revisited with a Bottom-Up Approach: Decentralisation, Limited Information and Bounded Rationality," Computational Economics, Society for Computational Economics, vol. 33(4), pages 337-360, May.
  12. Allen Wilhite, 2003. "Self-Organizing Production and Exchange," Computational Economics, Society for Computational Economics, vol. 21(1), pages 107-123, February.
  13. Windrum,Paul, 1999. "Simulation models of technological innovation: A Review," Research Memorandum 005, Maastricht University, Maastricht Economic Research Institute on Innovation and Technology (MERIT).
  14. Sheri Markose & Amadeo Alentorn & Andreas Krause, 2004. "Dynamic Learning, Herding and Guru Effects in Networks," Economics Discussion Papers 582, University of Essex, Department of Economics.
  15. Tomas Klos, 1999. "Governance and Matching," Computing in Economics and Finance 1999 341, Society for Computational Economics.
  16. Howitt, Peter & Clower, Robert, 2000. "The emergence of economic organization," Journal of Economic Behavior & Organization, Elsevier, vol. 41(1), pages 55-84, January.
  17. Leigh Tesfatsion, 2002. "Agent-Based Computational Economics," Computational Economics 0203001, EconWPA, revised 15 Aug 2002.
  18. Jean Le Fur, 2013. "Extending Life Concepts to Complex Systems," Interdisciplinary Description of Complex Systems - scientific journal, Croatian Interdisciplinary Society Provider Homepage: http://indecs.eu, vol. 11(1), pages 37-50.

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