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Multiscaling edge effects in an agent-based money emergence model

Listed author(s):
  • Pawe{\l} O\'swi\k{e}cimka
  • Stanis{\l}aw Dro\.zd\.z
  • Robert G\k{e}barowski
  • Andrzej Z. G\'orski
  • Jaros{\l}aw Kwapie\'n
Registered author(s):

    An agent-based computational economical toy model for the emergence of money from the initial barter trading, inspired by Menger's postulate that money can spontaneously emerge in a commodity exchange economy, is extensively studied. The model considered, while manageable, is significantly complex, however. It is already able to reveal phenomena that can be interpreted as emergence and collapse of money as well as the related competition effects. In particular, it is shown that - as an extra emerging effect - the money lifetimes near the critical threshold value develop multiscaling, which allow one to set parallels to critical phenomena and, thus, to the real financial markets.

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    Paper provided by in its series Papers with number 1312.4803.

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    Date of creation: Dec 2013
    Date of revision: Dec 2015
    Publication status: Published in Acta Phys. Pol. B 46, 1579-1592 (2015)
    Handle: RePEc:arx:papers:1312.4803
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