> Attention and action = the price to consume.
is it possible to have an idea / new information and not in some way,
internally or externally, react to it?
Memes spread. Humans by design infect each other on all levels.
The Complex seems like a great example: by definition intends to do
this.
Idea / attention / action-reaction / experience / new idea.
And so forth.
Am enjoying the bouncing of ideas and information in this particular
string...
Tory
On Apr 12, 2009, at 7:04 AM, Jochen Fromm wrote:
The central property which emerges in markets is
the price. The central law which rules markets is
the law of supply and demand. A basic agent-based
model for markets should explain how both, the
price and the law of supply and demand, emerge
in competitive markets. It should be simple to
extend such a model to explain bubbles and crashes.
As far as I know, there is no basic model of
markets in general, there are only agent based models
of specific markets, for example stock markets,
financial markets and electricity markets. Perhaps
the law of supply and demand is too simple to justify
such a model?
Epstein and Axtell's Sugarscape is a model where
agents begin to accumulate "wealth" in some form,
but it is more about evolution of societies and less
about market mechanisms and economies.
It would be interesting to apply a basic agent-based
market model to the society of mind. If we consider the
crowd within and the battle of ideas which is going on
inside our minds, can we create an agent-based model
to explain the 'market of information' ? We have a
demand for new or highly emotional stuff, are constantly
supplied with information from the outside, and the price
we have to pay to consume it is attention.
-J.
----- Original Message ----- From: Russ Abbott
To: The Friday Morning Applied Complexity Coffee Group
Sent: Sunday, April 12, 2009 9:00 AM
Subject: [FRIAM] Agent-based market models
Does anyone know of good examples of generic agent-based market
economies? I'm thinking of something as simple as this.
A population consists of agents each of which has certain continuing
needs (such as food, clothing, shelter, Internet access, etc.) to
survive. As a starting point, let's assume that each agent needs one
unit of each of N resources every time period. Let's also assume
that each agent is specialized and is capable of creating enough of
one of the needed resources to satisfy the needs of N agents. (The
fact that I used the same N in both places was intentional.) To keep
it simple let's assume that these acts of creation occur from
scratch, i.e., that the creator doesn't need raw materials, that all
that's necessary for an agent to create a needed resource is that
the agent be alive. The agents presumably develop a barter economy,
trading the resources they create for the resources they need to
stay alive. Perhaps markets develop, and perhaps money develops. At
this point the economy should be fairly stable. Each agent creates
enough stuff so that s/he can trade it for what s/he needs to stay
live.
Perhaps some of the agents learn how to be more efficient in
creating their resource and begin to accumulate "wealth" in some
form. Perhaps the agents have discretionary desires, which they
fill if they have enough resources left over after meeting their
basic needs. Perhaps there are communal services that are paid for
by taxes or memberships. This could become increasingly elaborate.
It seems to me that models of this sort must have been developed --
perhaps many times. Does anyone know of any references to this sort
of work?
Thanks.
-- Russ Abbott
_____________________________________________
Professor, Computer Science
California State University, Los Angeles
o Check out my blog at http://bluecatblog.wordpress.com/
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============================================================
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Meets Fridays 9a-11:30 at cafe at St. John's College
lectures, archives, unsubscribe, maps at http://www.friam.org
