MULTI-AGENT BASED MODELLING OF AN ENDOGENOUS-MONEY ECONOMY
Authored by Ivan Blecic, Arnaldo Cecchini, Giuseppe A Trunfio
Date Published: 2015
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Abstract
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.
Tags
Agent economies