Self-organization of value and demand
arXiv:cond-mat/9906298 · doi:10.1016/S0378-4371(99)00473-2
Abstract
We study the dynamics of exchange value in a system composed of many interacting agents. The simple model we propose exhibits cooperative emergence and collapse of global value for individual goods. We demonstrate that the demand that drives the value exhibits non Gaussian "fat tails" and typical fluctuations which grow with time interval with a Hurst exponent of 0.7.
RevTex, 4 pages, 3 figures
References in corpus (1)
Cited by in corpus (15)
- Agent-based Models of Financial Markets
- Wealth redistribution with finite resources
- Modeling Dynamics of Information Networks
- Stability of money: Phase transitions in an Ising economy
- Microscopic Models of Financial Markets
- Do Bitcoins make the world go round? On the dynamics of competing crypto-currencies
- Evolution and anti-evolution in a minimal stock market model
- Modelling an Imperfect Market
- Evidence of market manipulation in the financial crisis
- Cooperativity in a trading model with memory and production
- Coexistence of several currencies in presence of increasing returns to adoption
- Physics of Fashion Fluctuations
- Need, Greed and Noise: Competing Strategies in a Trading Model
- Competition Among Companies: Coexistence and Extinction
- Statistical Mechanics: A Possible Model for Market-based Electric Power Control