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DY: Dynamik und Statistische Physik

DY 26: Ökonophysik II

DY 26.1: Vortrag

Dienstag, 27. März 2001, 16:15–16:30, S 5.5

On the Market Dynamics in an Agent-Based Retail Trade Model — •Erich Kutschinski¹, Daniel Polani², and Thomas Uthmann¹ — ¹Institut für Informatik, Johannes Gutenberg-Universität Mainz — ²Institut für Neuro- und Bioinformatik, Universität zu Lübeck

A model for economic exchange of goods against credits between two types of agents, producers and consumers, is analyzed. Producer models reward accumulation of profit and consumer models reward the satisfaction of needs diminished by the credits spent to satisfy that need. The market dynamics studies different producer models, having fixed and adaptive product supply and different seller strategies, e.g. Derivative Follower and Myopically Optimal. A class of seller mechanisms, Price Profit, is introduced and studied based on weakly and strongly informed Q-learning models. The results from the simulated dynamics can be understood in terms of theoretical predictions for optimal pricing policies.
[1] N. J. Vriend, a model of market-making. Working Paper No. 184, Dept. of Economics, Universitat Pompeu Fabra, Barcelona, Oct. 1996