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The emergence of knowledge exchange: an agent-based model of a software market

Maria Chli () and Philippe De Wilde
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Maria Chli: Electrical and Electronic Engineering Imperial College London
Philippe De Wilde: Electrical and Electronic Engineering Imperial College London

No 361, Computing in Economics and Finance 2006 from Society for Computational Economics

Abstract: We investigate knowledge exchange among commercial organisations, the rationale behind it and its effects on the market. Knowledge exchange is known to be beneficial for industry, but in order to explain it, authors have used high level concepts like network effects, reputation and trust. We attempt to formalise a plausible and elegant explanation of how and why companies adopt information exchange and why it benefits the market as a whole when this happens. This explanation is based on a multi-agent model that simulates a market of software providers. Even though the model does not include any high-level concepts, information exchange naturally emerges during simulations as a successful profitable behaviour. The conclusions reached by this agent-based analysis are twofold: (1) A straightforward set of assumptions is enough to give rise to exchange in a software market. (2) Knowledge exchange is shown to increase the efficiency of the market

Keywords: Agent-based Computational Economics; adaptive behaviour; knowledge sharing; market efficiency (search for similar items in EconPapers)
Date: 2006-07-04
New Economics Papers: this item is included in nep-cmp, nep-fmk and nep-net
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