In real markets, price adjustment and the matching of buyers and sellers involve considerable exchange of information. Previous experience is also important in partner selection and in the decision to accept a transaction. The dynamic processes involved can be described in terms taken from cognitive science such as learning and recognition. We have attempted to model such organization in markets for perishable goods.
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- Gerard Weisbuch & Alan Kirman & Dorothea Herreiner, 1995.
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