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Agent-based approach for generation of a money-centered star network

Author

Listed:
  • Yang, Jae-Suk
  • Kwon, Okyu
  • Jung, Woo-Sung
  • Kim, In-mook

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.

Suggested Citation

  • Yang, Jae-Suk & Kwon, Okyu & Jung, Woo-Sung & Kim, In-mook, 2008. "Agent-based approach for generation of a money-centered star network," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 387(22), pages 5498-5502.
    • Handle: RePEc:eee:phsmap:v:387:y:2008:i:22:p:5498-5502
    DOI: 10.1016/j.physa.2008.05.025
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    Cited by:

    1. Lee, Junghoon & Youn, Janghyuk & Chang, Woojin, 2012. "Intraday volatility and network topological properties in the Korean stock market," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 391(4), pages 1354-1360.
    2. Jianjun Lu & Shozo Tokinaga, 2013. "Analysis of cluster formations on planer cells based on genetic programming," Computational and Mathematical Organization Theory, Springer, vol. 19(4), pages 426-445, December.

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