Dresden 2003 – scientific programme
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AKSOE: Physik sozio-ökonomischer Systeme
AKSOE 3: Postersitzung
AKSOE 3.5: Poster
Monday, March 24, 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.