Agent-based approach for generation of a money-centered star network

Jae-Suk Yang, Okyu Kwon, Woo-Sung Jung and In-mook Kim

Physica A: Statistical Mechanics and its Applications, 2008, vol. 387, issue 22, 5498-5502

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.

Keywords: Econophysics; Complex network; Medium of exchange; Barter (search for similar items in EconPapers)
Date: 2008
References: View complete reference list from CitEc
Citations: View citations in EconPapers (3)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:phsmap:v:387:y:2008:i:22:p:5498-5502

DOI: 10.1016/j.physa.2008.05.025

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