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Agent-based approach for generation of a money-centered star network
- Authors
- Yang, Jae-Suk; Kwon, Okyu; Jung, Woo-Sung; Kim, In-mook
- Issue Date
- 15-9월-2008
- Publisher
- ELSEVIER
- Keywords
- econophysics; complex network; medium of exchange; barter
- Citation
- PHYSICA A-STATISTICAL MECHANICS AND ITS APPLICATIONS, v.387, no.22, pp.5498 - 5502
- Indexed
- SCIE
SCOPUS
- Journal Title
- PHYSICA A-STATISTICAL MECHANICS AND ITS APPLICATIONS
- Volume
- 387
- Number
- 22
- Start Page
- 5498
- End Page
- 5502
- ISSN
- 0378-4371
- Abstract
- The history of trade is a progression from a pure barter system. A medium of exchange emerges autonomously in the market, a position currently occupied by money. We investigate an agent-based computational economics model consisting of interacting agents considering distinguishable properties of commodities which represent salability. We also analyze the properties of the commodity network using a spanning tree. We find that the "storage fee" is more crucial than "demand" in determining which commodity is used as a medium of exchange. (C) 2008 Elsevier B.V. All rights reserved.
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Collections - College of Science > Department of Physics > 1. Journal Articles
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