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Competition of Commodities for the Status of Money in an Agent-based Model

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  • Robert Gk{e}barowski

    (Wydzia{\l} Fizyki, Matematyki i Informatyki, Politechnika Krakowska im. Tadeusza Ko\'sciuszki, Krak\'ow, Poland)

  • Stanis{l}aw Dro.zd.z

    (Wydzia{\l} Fizyki, Matematyki i Informatyki, Politechnika Krakowska im. Tadeusza Ko\'sciuszki, Krak\'ow, Poland
    Instytut Fizyki J\k{a}drowej PAN, Krak\'ow, Poland)

  • Andrzej Z. G'orski

    (Instytut Fizyki J\k{a}drowej PAN, Krak\'ow, Poland)

  • Pawe{l} O'swik{e}cimka

    (Instytut Fizyki J\k{a}drowej PAN, Krak\'ow, Poland)

Abstract

In this model study of the commodity market, we present some evidence of competition of commodities for the status of money in the regime of parameters, where emergence of money is possible. The competition reveals itself as a rivalry of a few (typically two) dominant commodities, which take the status of money in turn.

Suggested Citation

  • Robert Gk{e}barowski & Stanis{l}aw Dro.zd.z & Andrzej Z. G'orski & Pawe{l} O'swik{e}cimka, 2014. "Competition of Commodities for the Status of Money in an Agent-based Model," Papers 1412.2124, arXiv.org.
    • Handle: RePEc:arx:papers:1412.2124
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    References listed on IDEAS

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    4. Anirban Chakraborti & Ioane Muni Toke & Marco Patriarca & Frederic Abergel, 2011. "Econophysics review: II. Agent-based models," Quantitative Finance, Taylor & Francis Journals, vol. 11(7), pages 1013-1041.
    5. Anirban Chakraborti & Ioane Muni Toke & Marco Patriarca & Frédéric Abergel, 2011. "Econophysics review: I. Empirical facts," Post-Print hal-00621058, HAL.
    6. Victor M. Yakovenko & J. Barkley Rosser, 2009. "Colloquium: Statistical mechanics of money, wealth, and income," Papers 0905.1518, arXiv.org, revised Dec 2009.
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