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Some Dynamics of a Strategic Market Game with a Large Number of Agents

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Abstract

This paper is designed to combine the game theoretic investigation of the static or equilibrium properties of large strategic market games together with the investigation of some very simple dynamics, which nevertheless are sufficient to show differences between two related games, one in which both borrowing and trade take place. The role of banking reserves emerges as relevant and sensitive to the transient state dynamics. Several 100,000 player games are simulated and the behavior is constructed with the analytical prediction for the games with a continuum of agents.

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File URL: http://cowles.econ.yale.edu/P/cd/d10a/d1037.pdf
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Bibliographic Info

Paper provided by Cowles Foundation for Research in Economics, Yale University in its series Cowles Foundation Discussion Papers with number 1037.

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Length: 29 pages
Date of creation: Nov 1992
Date of revision:
Publication status: Published, Journal of Economics (1994), 60(1): 1-28
Handle: RePEc:cwl:cwldpp:1037

Note: CFP 881.
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References

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  1. Feldman, Mark & Gilles, Christian, 1985. "An expository note on individual risk without aggregate uncertainty," Journal of Economic Theory, Elsevier, vol. 35(1), pages 26-32, February.
  2. Martin Shubik & Ward Whitt, 1973. "Fiat Money in an Economy with One Nondurable Good and No Credit (A Noncooperative Sequential Game)," Cowles Foundation Discussion Papers, Cowles Foundation for Research in Economics, Yale University 355, Cowles Foundation for Research in Economics, Yale University.
  3. Ioannis Karatzas & Martin Shubik & William D. Sudderth, 1992. "Construction of Stationary Markov Equilibria in a Strategic Market Game," Cowles Foundation Discussion Papers, Cowles Foundation for Research in Economics, Yale University 1033, Cowles Foundation for Research in Economics, Yale University.
  4. Shapley, Lloyd S & Shubik, Martin, 1977. "Trade Using One Commodity as a Means of Payment," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 85(5), pages 937-68, October.
  5. Holland, John H & Miller, John H, 1991. "Artificial Adaptive Agents in Economic Theory," American Economic Review, American Economic Association, vol. 81(2), pages 365-71, May.
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Cited by:
  1. John Geanakoplos & Ioannis Karatzas & Martin Shubik & William D. Sudderth, 1998. "A Strategic Market Game with Active Bankruptcy," Cowles Foundation Discussion Papers, Cowles Foundation for Research in Economics, Yale University 1183, Cowles Foundation for Research in Economics, Yale University.
  2. Ioannis Karatzas & Martin Shubik & William D. Sudderth, 1995. "A Strategic Market Game With Secured Lending," Working Papers, Santa Fe Institute 95-03-037, Santa Fe Institute.
  3. Martin Shubik & Nicolaas J. Vriend, 1999. "A Behavioral Approach to a Strategic Market Game," Research in Economics 99-01-003e, Santa Fe Institute.

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