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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.

Suggested Citation

  • Vriend, Nicolaas J, 1995. "Self-Organization of Markets: An Example of a Computational Approach," Computational Economics, Springer;Society for Computational Economics, vol. 8(3), pages 205-231, August.
  • Handle: RePEc:kap:compec:v:8:y:1995:i:3:p:205-31
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    Cited by:

    1. 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.
    2. Leigh Tesfatsion, 2002. "Agent-Based Computational Economics," Computational Economics 0203001, EconWPA, revised 15 Aug 2002.
    3. Leigh S. Tesfatsion, "undated". "An Evolutionary Trade Network Game with Preferential Partner Selection," Computing in Economics and Finance 1996 _057, Society for Computational Economics.
    4. Tesfatsion, Leigh S., 1998. "Teaching Agent-Based Computational Economics to Graduate Students," Staff General Research Papers Archive 1199, Iowa State University, Department of Economics.
    5. Allen Wilhite, 2003. "Self-Organizing Production and Exchange," Computational Economics, Springer;Society for Computational Economics, vol. 21(1), pages 107-123, February.
    6. Tesfatsion, Leigh S., 1998. "Gale-Shapley Matching in an Evolutionary Trade Network Game," Staff General Research Papers Archive 1230, Iowa State University, Department of Economics.
    7. Allen Wilhite, 2000. "Self-Organizing Production And Exchange," Computing in Economics and Finance 2000 273, Society for Computational Economics.

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