Market Coordination Under Non-Equilibrium Dynamics
Arnaud Z. Dragicevic ()
Additional contact information
Arnaud Z. Dragicevic: IRSTEA — The Center of Clermont-Ferrand
Networks and Spatial Economics, 2019, vol. 19, issue 3, No 2, 697-715
Abstract In order to study the market coordination under non-equilibrium dynamics, such as the one outlined in catallactics, we consider a multi-agent system with fixed topology, based upon a Hamiltonian structure, subject to flocking behavior. The assumptions of market segmentation and of imperfect competition are introduced. We show that the catallactic framework leads to the emergence of a stable market coordination, but is also a dissipative structure of cyclical nature, such that imperfect competition gives rise to a pseudo-competitive market. In case of risk-sharing, we find that catallactics yields an unstable trading system, which transforms the market risk into a systemic risk.
Keywords: Network economics; Agent-based modeling; Catallactics; Flocking behavior; Risk-sharing (search for similar items in EconPapers)
References: View references in EconPapers View complete reference list from CitEc
Citations: Track citations by RSS feed
Downloads: (external link)
http://link.springer.com/10.1007/s11067-018-9414-1 Abstract (text/html)
Access to full text is restricted to subscribers.
This item may be available elsewhere in EconPapers: Search for items with the same title.
Export reference: BibTeX
RIS (EndNote, ProCite, RefMan)
Persistent link: https://EconPapers.repec.org/RePEc:kap:netspa:v:19:y:2019:i:3:d:10.1007_s11067-018-9414-1
Ordering information: This journal article can be ordered from
http://www.springer. ... ce/journal/11067/PS2
Access Statistics for this article
Networks and Spatial Economics is currently edited by Terry L. Friesz
More articles in Networks and Spatial Economics from Springer
Bibliographic data for series maintained by Sonal Shukla ().