Model of Wealth and Goods Dynamics in a Closed Market

by: Marcel Ausloos, Andrzej Pekalski

(10 May 2006)

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arXiv (abstract), arXiv (PDF)

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Abstract

A simple computer simulation model of a closed market on a fixed network with free flow of goods and money is introduced. The model contains only two variables : the amount of goods and money beside the size of the system. An initially flat distribution of both variables is presupposed. We show that under completely random rules, i.e. through the choice of interacting agent pairs on the network and of the exchange rules that the market stabilizes in time and shows diversification of money and goods. We also indicate that the difference between poor and rich agents increases for small markets, as well as for systems in which money is steadily deduced from the market through taxation.

@misc{citeulike:623810, abstract = {A simple computer simulation model of a closed market on a fixed network with free flow of goods and money is introduced. The model contains only two variables : the amount of goods and money beside the size of the system. An initially flat distribution of both variables is presupposed. We show that under completely random rules, i.e. through the choice of interacting agent pairs on the network and of the exchange rules that the market stabilizes in time and shows diversification of money and goods. We also indicate that the difference between poor and rich agents increases for small markets, as well as for systems in which money is steadily deduced from the market through taxation.}, author = {Ausloos, Marcel and Pekalski, Andrzej }, citeulike-article-id = {623810}, eprint = {nlin.AO/0605023}, keywords = {dynamics, economic}, month = {May}, posted-at = {2006-05-11 21:13:47}, priority = {2}, title = {Model of Wealth and Goods Dynamics in a Closed Market}, url = {http://arxiv.org/abs/nlin.AO/0605023}, year = {2006} }

RIS record

TY - ELEC ID - citeulike:623810 L3 - citeulike-article-id:623810 TI - Model of Wealth and Goods Dynamics in a Closed Market N2 - A simple computer simulation model of a closed market on a fixed network with free flow of goods and money is introduced. The model contains only two variables : the amount of goods and money beside the size of the system. An initially flat distribution of both variables is presupposed. We show that under completely random rules, i.e. through the choice of interacting agent pairs on the network and of the exchange rules that the market stabilizes in time and shows diversification of money and goods. We also indicate that the difference between poor and rich agents increases for small markets, as well as for systems in which money is steadily deduced from the market through taxation. KW - dynamics KW - economic AU - Ausloos, Marcel AU - Pekalski, Andrzej PY - 2006/May/10/ UR - http://arxiv.org/abs/nlin.AO/0605023 ER -

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