Multi-Agent Based Modelling of an Endogenous-Money Economy
Ivan Blecic; Department of Architecture, Planning and Design, University of Sassari, 07041, Alghero ; Arnaldo Cecchini; Department of Architecture, Planning and Design, University of Sassari, 07041, Alghero ; Giuseppe A. Trunfio; Department of Architecture, Planning and Design, University of Sassari, 07041, Alghero
Computing and Informatics, Tome 34 (2016) no. 4, / Harvested from Computing and Informatics
Text on Computing and Informatics
We present an agent-based model of a simple endogenous-money economy. The model simulates agents representing individual persons who can work, consume, invent new products and related production technologies, apply for a loan from the bank and start up a business. Through the interaction of persons with the firms, we simulate the production of goods, consumption and labour market. In order to achieve a significant level of realism of the simulations, the firms are modelled as adaptive agents using an effective reinforcement learning approach in continuous space. This setting allows us to explore how an endogenous-money economy can be built up from scratch, as an emergent property of actions and interactions among heterogeneous agents once money is injected into a non-monetary self-production (or barter) economy. In the paper, we first empirically investigate the learning capability of the firm agents. Then, we discuss the results of some computational experiments under different significant scenarios.
Publié le : 2016-03-02
Classification:  other areas of Computing and Informatics,  agent-based computational economics, endogenous-money economy, heterogeneous agents,  Agent-based computational economics, endogenous-money economy, heterogeneous agents 
@article{cai2227,
     author = {Ivan Blecic; Department of Architecture, Planning and Design, University of Sassari, 07041, Alghero and Arnaldo Cecchini; Department of Architecture, Planning and Design, University of Sassari, 07041, Alghero and Giuseppe A. Trunfio; Department of Architecture, Planning and Design, University of Sassari, 07041, Alghero},
     title = {Multi-Agent Based Modelling of an Endogenous-Money Economy},
     journal = {Computing and Informatics},
     volume = {34},
     number = {4},
     year = {2016},
     language = {en},
     url = {http://dml.mathdoc.fr/item/cai2227}
}

Ivan Blecic; Department of Architecture, Planning and Design, University of Sassari, 07041, Alghero; Arnaldo Cecchini; Department of Architecture, Planning and Design, University of Sassari, 07041, Alghero; Giuseppe A. Trunfio; Department of Architecture, Planning and Design, University of Sassari, 07041, Alghero. Multi-Agent Based Modelling of an Endogenous-Money Economy. Computing and Informatics, Tome 34 (2016) no. 4, . http://gdmltest.u-ga.fr/item/cai2227/