Title :
Impact of Value Expectation on Circulation of Fiat Money
Author :
Li, Yong ; Wang, Yougui ; Xi, Ning
Author_Institution :
Dept. of Syst. Sci., Beijing Normal Univ., Beijing, China
Abstract :
In this paper, we investigate how agents\´ value expectation to fiat money influence circulation of fiat. We use both replicator dynamics and multi-agent simulation to describe how rational agents shift their strategies and gradually accept fiat in the transactions. We find that higher value expectation and more specialization in social production make fiat widely accepted easier. This paper present an alternative solution to the "start problem" raised by Dowd (2001) as well.
Keywords :
financial management; multi-agent systems; fiat money circulation; multiagent simulation; rational agents; replicator dynamics; social production; start problem; value expectation impact; Biological system modeling; Economics; Equations; Government; Mathematical model; Production; Waste materials; fiat money; multi-agent simulation; replicator dynamics; search model; specialization; value expectation;
Conference_Titel :
System Science, Engineering Design and Manufacturing Informatization (ICSEM), 2010 International Conference on
Conference_Location :
Yichang
Print_ISBN :
978-1-4244-8664-9
DOI :
10.1109/ICSEM.2010.21
