search query: @indexterm Economic behaviour / total: 184
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| Author: | Howitt, P. Clower, R. |
| Title: | The emergence of economic organization |
| Journal: | Journal of Economic Behavior and Organization
2000 : JAN, VOL. 41:1, p. 55-84 |
| Index terms: | ECONOMIC BEHAVIOUR ORGANIZATION ECONOMICS |
| Language: | eng |
| Abstract: | A model of decentralized markets is studied, in which transactors follow simple adaptive rules. Transactions are coordinated by specialist trading firms that bear the costs of market disequilibrium. Starting from an initially autarkic situation in which none of the institutions that support exchange exist, computer simulation shows that for a wide range of parameter values a fully developed market economy will emerge spontaneously. |
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