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| Author: | Dawid, H. |
| Title: | On the emergence of exchange and mediation in a production economy |
| Journal: | Journal of Economic Behavior and Organization
2000 : JAN, VOL. 41:1, p. 27-54 |
| Index terms: | ECONOMIC BEHAVIOUR ORGANIZATION PRODUCTION |
| Language: | eng |
| Abstract: | In this paper the authors simulate the behavior of a population of boundedly rational agents in a two good economy where all agents can spend their time budget for the production of one or both goods or trading. Agents update their strategies according to a simple imitation type learning rule with noise. It is shown that in several different setups both direct trade and trade via mediators who specialize in trading can emerge. |
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