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The Evolution of Money as a Medium of Exchange in a Primitive Economy

In: Evolutionary Foundations of Equilibria in Irrational Markets

Author

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  • Guo Ying Luo

    (McMaster University)

Abstract

This chapter uses an evolutionary approach to explain the origin of money as media of exchange in a primitive economy, where agents specialize in production for the purpose of trading for their own consumption goods. A general class of dynamics (consistent with Darwinian dynamics) is applied to the selection of strategies. The model produces many of the well-known results regarding the importance of intrinsic value and the proportion of agents specializing in different goods. In addition, the model also shows the importance of initial trading strategies and of the mutations of agents’ strategies in selecting equilibria.

Suggested Citation

  • Guo Ying Luo, 2012. "The Evolution of Money as a Medium of Exchange in a Primitive Economy," Studies in Economic Theory, in: Evolutionary Foundations of Equilibria in Irrational Markets, chapter 0, pages 157-195, Springer.
    • Handle: RePEc:spr:steccp:978-1-4614-0712-6_7
    DOI: 10.1007/978-1-4614-0712-6_7
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