Multiscaling edge effects in an agent-based money emergence model
An agent-based computational economical toy model for the emergence of money from the initial barter trading, inspired by Menger's postulate that money can spontaneously emerge in a commodity exchange economy, is extensively studied. The model considered, while manageable, is significantly comp...
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| Veröffentlicht in: | arXiv.org 2015-12 |
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| creator | Oświęcimka, Paweł Drożdż, Stanisław Gębarowski, Robert Górski, Andrzej Z Kwapień, Jarosław |
| description | An agent-based computational economical toy model for the emergence of money from the initial barter trading, inspired by Menger's postulate that money can spontaneously emerge in a commodity exchange economy, is extensively studied. The model considered, while manageable, is significantly complex, however. It is already able to reveal phenomena that can be interpreted as emergence and collapse of money as well as the related competition effects. In particular, it is shown that - as an extra emerging effect - the money lifetimes near the critical threshold value develop multiscaling, which allow one to set parallels to critical phenomena and, thus, to the real financial markets. |
| doi_str_mv | 10.48550/arxiv.1312.4803 |
| format | Article |
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| subjects | Collapse Critical phenomena Economic models Edge effect Emergence Physics - Physics and Society Quantitative Finance - Statistical Finance Quantitative Finance - Trading and Microstructure |
| title | Multiscaling edge effects in an agent-based money emergence model |
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