English, Article, Journal or magazine article edition: A Markov Model of Production, Trade, and Money: Theory and Artificial Life Simulation Herbert Gintis

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Bookmark: http://trove.nla.gov.au/version/69537
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • A Markov Model of Production, Trade, and Money: Theory and Artificial Life Simulation
Author
  • Herbert Gintis
Physical Description
  • preprint
Notes
  • The paper generalizes the Kiyotaki-Wright trade model by treating the trading period as a finite game, so Nash's theorem can be used to prove the existence of equilibrium, and by treating the economy as a Markov process, so an ergodic theorem can be used to show the existence of equilibria with desirable properties (e.g., in which money exists). A Markov model of trade also allows us to add complexity to the economy without adding corresponding complexity to the analysis of the model's properties. The paper also provides artificial life simulations of the Markov economy suggesting that monetary equilibria are dynamically stable and do not require high levels of learning or information processing on the part of agents.
  • RePEc:wop:safire:97-01-006e
Language
  • English
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