Self-Organizing Production and Exchange

Allen Wilhite ()
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Allen Wilhite: Department of Economics and Finance, University of Alabama in Huntsville, Huntsville, AL 35899, U.S.A.

Computational Economics, 2003, vol. 21, issue 1_2, 107-123

Abstract: Consider autonomous agents endowed with two goods and the capability of producing each. Regularly each agent can produce one (only) of the goods or trade with other agents. Each good yields utility according to a utility function. This paper studies how utility-maximizing agents optimize in these circumstances, examines the aggregate characteristics of the resulting economy, and investigates the internal organization of production and exchange.

Date: 2003
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