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AKSOE: Physik sozio-ökonomischer Systeme

AKSOE 20: Mikro-ökonomische Modelle und Multi-Agenten-Systeme

AKSOE 20.4: Vortrag

Donnerstag, 14. März 2002, 17:30–18:00, H8

Dynamic Market Simulations — •Kai Nagel¹, Martin Strauss¹, and Martin Shubik² — ¹Computer Science, ETH Zurich — ²Cowles Foundation for Economics Research, Yale University

Traditionally, economics theory assumes the invisible hand to set prices such that markets are cleared. We define instead a collection of agents plus dynamic rules for them. Agents produce, trade, and consume, and they have a utility function, which specifies the amount of utility from consumption of each good and the amount of disutility from working. The agent’s strategies consist of setting the price for their good, and specifying the amounts they buy from others. Agents perform a very simple “trial-and- error” evolution of their strategies. We show via simulations that in general such a simple set-up converges towards the Nash equilibrium solution, that however the adaptive mechanism can add fluctuations which can be of order N depending on the functional form of the utility function.