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Multiscaling edge effects in an agent-based money emergence model


  • Pawe{l} O'swik{e}cimka
  • Stanis{l}aw Dro.zd.z
  • Robert Gk{e}barowski
  • Andrzej Z. G'orski
  • Jaros{l}aw Kwapie'n


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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  • Pawe{l} O'swik{e}cimka & Stanis{l}aw Dro.zd.z & Robert Gk{e}barowski & Andrzej Z. G'orski & Jaros{l}aw Kwapie'n, 2013. "Multiscaling edge effects in an agent-based money emergence model," Papers 1312.4803,, revised Dec 2015.
  • Handle: RePEc:arx:papers:1312.4803

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    References listed on IDEAS

    1. Marco Avellaneda & Sasha Stoikov, 2008. "High-frequency trading in a limit order book," Quantitative Finance, Taylor & Francis Journals, vol. 8(3), pages 217-224.
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