Trabajo de grado - Pregrado
Self-organization and money in a marktplace - an agent-based computational approach
Fecha
2005Registro en:
instname:Universidad de los Andes
reponame:Repositorio Institucional Séneca
Autor
Motta Franco, Felipe Andres
Institución
Resumen
A decentralized pre-capitalist economy (agents are self-employed and there is no capital accumulation) is simulated with agents that produce a given commodity and demand the commodities that other agents produce. Trade takes place on the marketplace where agents sell their respective commodity at the price they set, and find potential sellers of other goods they wish to purchase. All prices are nominal and transactions are made with fiat money. The main objective of this paper is to present an example of how market self-organization emerges from the decentralized interaction of self-interested agents. The impact of different monetary rules and supply shocks on the macroeconomic stability is also addressed.