Competition of Commodities for the Status of Money in an Agent-based Model
Robert G\k{e}barowski (1), Stanis{\l}aw Dro\.zd\.z (1, 2), Andrzej, Z. G\'orski (2), Pawe{\l} O\'swi\k{e}cimka (2) ((1) Wydzia{\l} Fizyki,, Matematyki i Informatyki, Politechnika Krakowska im. Tadeusza Ko\'sciuszki,, Krak\'ow, Poland, (2) Instytut Fizyki J\k{a}drowej PAN
TL;DR
This paper uses an agent-based model to explore how commodities compete for the status of money, showing that typically two commodities dominate and alternate as money depending on market conditions.
Contribution
It introduces an agent-based model demonstrating the dynamic rivalry between commodities vying for monetary status in a simulated market.
Findings
Typically two commodities dominate and alternate as money.
The emergence of money depends on specific parameter regimes.
The model provides insights into the conditions fostering monetary dominance.
Abstract
In this model study of the commodity market, we present some evidence of competition of commodities for the status of money in the regime of parameters, where emergence of money is possible. The competition reveals itself as a rivalry of a few (typically two) dominant commodities, which take the status of money in turn.
Peer Reviews
No public reviews on file for this paper yet. If you reviewed it on a platform where reviews are public (OpenReview, ICLR, NeurIPS, ICML), you can paste yours below so the community can read it here.
Videos
No videos yet. Explain this paper in a talk, walkthrough, or lecture? Add one.