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Governance and Matching

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Author Info
Tomas Klos () (University of Groningen)

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Abstract

This paper is concerned with the organization of transactions of goods and services between consecutive stages of activity. A traditional theory of organization, transaction-cost economics, assumes that organizational form (market and hierarchy) is adjusted to the attributes of the transactions. This model is extended here by assuming that the governance of transactions be analyzed within the wider network of the firms they connect and that agents' behavior be guided by adaptive learning rather than by optimization. An agent-based computer simulation model is developed. At each step of time, a matching algorithm using agents' preferances assigns buyers to suppliers or to themselves and implements their choices for market and hierarchy. From step to step, the agents are allowed to adapt their preferences for each other to their experiences.

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File URL: http://fmwww.bc.edu/cef99/papers/match.pdf
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Publisher Info
Paper provided by Society for Computational Economics in its series Computing in Economics and Finance 1999 with number 341.

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Date of creation: 01 Mar 1999
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Handle: RePEc:sce:scecf9:341

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Postal: CEF99, Boston College, Department of Economics, Chestnut Hill MA 02467 USA
Fax: +1-617-552-2308
Web page: http://fmwww.bc.edu/CEF99/
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  1. Nicolaas J. Vriend, 1996. "A Model of Market-Making," Economics Working Papers 184, Department of Economics and Business, Universitat Pompeu Fabra. [Downloadable!]
  2. Edmund Chattoe-Brown, 1998. "Just How (Un)realistic Are Evolutionary Algorithms As Representations of Social Processes?," Journal of Artificial Societies and Social Simulation, Journal of Artificial Societies and Social Simulation, vol. 1. [Downloadable!]
  3. Péli, Gábor & Nooteboom, Bart, 1996. "Simulation of learning in supply partnerships," Research Report 97B04, University of Groningen, Research Institute SOM (Systems, Organisations and Management). [Downloadable!]
  4. Weisbuch, G. & Kirman, A. & Herreiner, D., 1998. "Market Organisation and Trading Relationships," G.R.E.Q.A.M. 98a32, Universite Aix-Marseille III.
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  5. Arthur, W Brian, 1993. "On Designing Economic Agents That Behave Like Human Agents," Journal of Evolutionary Economics, Springer, vol. 3(1), pages 1-22, February.
  6. Miller, John H., 1996. "The coevolution of automata in the repeated Prisoner's Dilemma," Journal of Economic Behavior & Organization, Elsevier, vol. 29(1), pages 87-112, January. [Downloadable!] (restricted)
  7. Tomas Klos, . "Decentralized Interaction and Co-adaptation in the Repeated Prisoner's Dilemma," Computing in Economics and Finance 1997 88, Society for Computational Economics. [Downloadable!]
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  8. David MCFADZEAN & Leigh TESFATSION, 1996. "A C++ Platform For The Evolution Of Trade Networks," Economic Report 39, Iowa State University Department of Economics. [Downloadable!]
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  9. Leigh TESFATSION, 1995. "A Trade Network Game With Endogenous Partner Selection," Economic Report 36, Iowa State University Department of Economics. [Downloadable!]
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  10. Miller, J. H. & Stadler, P. F., 1998. "The dynamics of locally adaptive parties under spatial voting," Journal of Economic Dynamics and Control, Elsevier, vol. 23(2), pages 171-189, September. [Downloadable!] (restricted)
  11. Vriend, Nicolaas J., 2000. "An illustration of the essential difference between individual and social learning, and its consequences for computational analyses," Journal of Economic Dynamics and Control, Elsevier, vol. 24(1), pages 1-19, January. [Downloadable!] (restricted)
  12. Thomas Riechmann, 1999. "Learning and behavioral stability An economic interpretation of genetic algorithms," Journal of Evolutionary Economics, Springer, vol. 9(2), pages 225-242. [Downloadable!] (restricted)
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  13. Thomas Brenner, 1998. "Can evolutionary algorithms describe learning processes?," Journal of Evolutionary Economics, Springer, vol. 8(3), pages 271-283. [Downloadable!] (restricted)
  14. W. Brian Arthur & John H. Holland & Blake LeBaron & Richard Palmer & Paul Taylor, 1996. "Asset Pricing Under Endogenous Expectation in an Artificial Stock Market," Working Papers 96-12-093, Santa Fe Institute.
  15. Stanley, E.A. & Ashlock, D. & Tesfatsion, Leigh S., 2004. "Iterated Prisoner's Dilemma with Choice and Refusal of Partners," Staff General Research Papers 11180, Iowa State University, Department of Economics.
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