Authors:
Jun Kiniwa
1
;
Kensaku Kikuta
1
and
Hiroaki Sandoh
2
Affiliations:
1
Department of Applied Economics, University of Hyogo, 8-2-1 Gakuen-nishi, Nishi, Kobe, 651-2197 and Japan
;
2
School of Policy Studies, Kwansei Gakuin University, 2-1 Gakuen, Sanda, Hyogo and Japan
Keyword(s):
Multiagent Model, Fisher’s Quantity Equation, Velocity of Money, Asynchronous System.
Related
Ontology
Subjects/Areas/Topics:
Agents
;
Artificial Intelligence
;
Artificial Intelligence and Decision Support Systems
;
Bioinformatics
;
Biomedical Engineering
;
Distributed and Mobile Software Systems
;
Economic Agent Models
;
Enterprise Information Systems
;
Information Systems Analysis and Specification
;
Knowledge Engineering and Ontology Development
;
Knowledge-Based Systems
;
Methodologies and Technologies
;
Multi-Agent Systems
;
Operational Research
;
Simulation
;
Software Engineering
;
Symbolic Systems
Abstract:
We consider a multiagent network model consisting of nodes and edges as cities and their links to neighbors, respectively. Each network node has an agent and priced goods and the agent can buy or sell goods in the neighborhood. Though every node may not have an equal price, we can show the prices will reach an equilibrium by iterating buy and sell operations. We introduce a framework of protocols in which each buying agent makes a bid to the lowest priced goods in the neighborhood; and each selling agent selects the highest bid (if any). So far, we have just considered such a model in a synchronous environment. We, however, cannot represent the velocity of circulation of money in the synchronous system. In other words, we cannot distinguish the different speed of money movement if every operation is synchronized. Thus, we develop an asynchronous model which enables us to generalize the theory of price stabilization in networks. Finally, we execute simulation experiments and investiga
te the influence of network features on the velocity of money.
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