Dresden 2003 – wissenschaftliches Programm

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AKSOE: Physik sozio-ökonomischer Systeme

AKSOE 3: Postersitzung

AKSOE 3.5: Poster

Montag, 24. März 2003, 15:45–17:15, P1

Cash, Credit, Reputation and Net – A Simulation of an Economy with a Central Bank, Private Banks and Small Producer-Consumers — •Kai Nagel¹ and Martin Shubik² — ¹Institute for Computational Science, ETH Zurich — ²Cowles Foundation for Economics Research, Yale University

This paper is devoted to the exploration of a monetary system with government and commercial bank money with a competitive banking system. As there are several conceptual problems, both in considering a representative agent or many small player models and in specifying the goals of a commercial bank we limit this paper to consumers with a central bank or a single for profit commercial bank. The stress on a fully defined process model requires that several basic accounting problems be addressed. These include the definition of periodic profits, the convention on dividends and ownership and control.