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Self-organization of value and demand

Author

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  • R. Donangelo

    (UFRJ)

  • K. Sneppen

    (Nordita)

Abstract

We study the dynamics of exchange value in a system composed of many interacting agents. The simple model we propose exhibits cooperative emergence and collapse of global value for individual goods. We demonstrate that the demand that drives the value exhibits non Gaussian "fat tails" and typical fluctuations which grow with time interval with a Hurst exponent of 0.7.

Suggested Citation

  • R. Donangelo & K. Sneppen, 1999. "Self-organization of value and demand," Papers cond-mat/9906298, arXiv.org, revised Apr 2000.
    • Handle: RePEc:arx:papers:cond-mat/9906298
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    Cited by:

    1. Johann Lussange & Ivan Lazarevich & Sacha Bourgeois-Gironde & Stefano Palminteri & Boris Gutkin, 2021. "Modelling Stock Markets by Multi-agent Reinforcement Learning," Computational Economics, Springer;Society for Computational Economics, vol. 57(1), pages 113-147, January.
    2. Rothenstein, R & Pawelzik, K, 2003. "Evolution and anti-evolution in a minimal stock market model," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 326(3), pages 534-543.
    3. Alex Lamarche-Perrin & Andr'e Orl'ean & Pablo Jensen, 2018. "Coexistence of several currencies in presence of increasing returns to adoption," Papers 1801.04218, arXiv.org.
    4. Lamarche-Perrin, Alex & Orléan, André & Jensen, Pablo, 2018. "Coexistence of several currencies in presence of increasing returns to adoption," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 496(C), pages 612-619.
    5. Christophe Schinckus, 2011. "What can econophysics contribute to financial economics?," International Review of Economics, Springer;Happiness Economics and Interpersonal Relations (HEIRS), vol. 58(2), pages 147-163, June.
    6. Jovanovic, Franck & Schinckus, Christophe, 2016. "Breaking down the barriers between econophysics and financial economics," International Review of Financial Analysis, Elsevier, vol. 47(C), pages 256-266.
    7. E. Samanidou & E. Zschischang & D. Stauffer & T. Lux, 2001. "Microscopic Models of Financial Markets," Papers cond-mat/0110354, arXiv.org.
    8. Jovanovic, Franck & Schinckus, Christophe, 2017. "Econophysics and Financial Economics: An Emerging Dialogue," OUP Catalogue, Oxford University Press, number 9780190205034.
    9. Schinckus, C., 2013. "Between complexity of modelling and modelling of complexity: An essay on econophysics," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 392(17), pages 3654-3665.
    10. E. Samanidou & E. Zschischang & D. Stauffer & T. Lux, 2007. "Agent-based Models of Financial Markets," Papers physics/0701140, arXiv.org.
    11. Donangelo, R. & Hansen, A. & Sneppen, K. & Souza, S.R., 2000. "Physics of fashion fluctuations," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 287(3), pages 539-545.
    12. Alex Lamarche-Perrin & André Orléan & Pablo Jensen, 2018. "Coexistence of several currencies in presence of increasing returns to adoption," Post-Print hal-01531277, HAL.
    13. Alex Lamarche-Perrin & André Orléan & Pablo Jensen, 2018. "Coexistence of several currencies in presence of increasing returns to adoption," PSE-Ecole d'économie de Paris (Postprint) hal-01531277, HAL.

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