Dawid, Herbert (1997) Learning to trade and mediate. Report Series SFB "Adaptive Information Systems and Modelling in Economics and Management Science", 20. SFB Adaptive Information Systems and Modelling in Economics and Management Science, WU Vienna University of Economics and Business, Vienna.
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Abstract
In this paper we study the behavior of boundedly rational agents in a two good economy where trading is costly with respect to time. All individuals have a fixed time budget and may spend time for the production of good one, the production of good two and trading. They update their strategies, which determine their time allocation, according to a simple imitation type learning rule with noise. In a setup with two different type of agents with different production technologies we show by the means of simulations that both direct trade and trade via mediators who specialize in trading can emerge. We can also observe the transition from a pure production economy via direct trade to an economy with mediated trade. (author's abstract)
| Item Type: | Paper |
|---|---|
| Keywords: | bounded rationality / learning / trade / mediation |
| Classification Codes: | JEL D83, F10 |
| Divisions: | Departments > Finance, Accounting and Statistics > Statistics and Mathematics Departments > Informationsverarbeitung u Prozessmanag. > Informationswirtschaft Departments > Informationsverarbeitung u Prozessmanag. > Produktionsmanagement > Taudes Departments > Marketing > Tourismus und Freizeitwirtschaft |
| Depositing User: | Repository Administrator |
| Date Deposited: | 07 Mar 2002 17:38 |
| Last Modified: | 17 Oct 2011 15:37 |
| WU Online Catalog: | http://onlinekatalog.wu.ac.at/F?func=find-b&reques... |
| URI: | http://epub.wu.ac.at/id/eprint/952 |
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