The Experts below are selected from a list of 1848 Experts worldwide ranked by ideXlab platform
Shyam Gouri Suresh - One of the best experts on this subject based on the ideXlab platform.
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rational versus adaptive expectations in an agent based model of a Barter Economy
Research Papers in Economics, 2015Co-Authors: Shyam Gouri SureshAbstract:This paper constructs an agent-based model of a simple Barter Economy with stochastic productivity shocks. Each agent produces a certain variety of a good but can only consume a different variety that she receives through Barter with another randomly paired agent. The model is constructed bottom-up (i.e., without a Walrasian auctioneer or price-based coordinating mechanism) through the simulation of purposeful interacting agents. The benchmark version of the model simulates homogeneous agents with rational expectations. Next, the benchmark model is modified by relaxing homogeneity and implementing two alternative versions of adaptive expectations in place of rational expectations. These modifications lead to greater path-dependence and the occurrence of inefficient outcomes (in the form of sub-optimal over- and under-production) that differ significantly from the benchmark results. Further, the rational expectations approach is shown to be qualitatively and quantitatively distinct from adaptive expectations in important ways.
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rational versus adaptive expectations in an agent based model of a Barter Economy
Computing in Economics and Finance, 2015Co-Authors: Shyam Gouri SureshAbstract:To study the differences between rational and adaptive expectations, I construct an agent-based model of a simple Barter Economy with stochastic productivity levels. Each agent produces a certain variety of a good but can only consume a different variety that he or she receives through Barter with another randomly paired agent. The model is constructed bottom-up (i.e., without a Walrasian auctioneer or price-based coordinating mechanism) through the simulation of purposeful interacting agents. The benchmark version of the model simulates homogeneous agents with rational expectations. Next, the benchmark model is modified by relaxing homogeneity and implementing two alternative versions of adaptive expectations in place of rational expectations. These modifications lead to greater path dependence and the occurrence of inefficient outcomes (in the form of suboptimal over- and underproduction) that differ significantly from the benchmark results. Further, the rational expectations approach is shown to be qualitatively and quantitatively distinct from adaptive expectations in important ways.
Trunfio, Giuseppe A. - One of the best experts on this subject based on the ideXlab platform.
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Multi-Agent Based Modelling of an Endogenous-Money Economy
Institute of Informatics Slovak Academy of Sciences, 2016Co-Authors: Blecic Ivan, Cecchini Arnaldo, Trunfio, Giuseppe A.Abstract:We present an agent-based model of a simple endogenous-money Economy. The model simulates agents representing individual persons who can work, consume, invent new products and related production technologies, apply for a loan from the bank and start up a business. Through the interaction of persons with the firms, we simulate the production of goods, consumption and labour market. In order to achieve a significant level of realism of the simulations, the firms are modelled as adaptive agents using an effective reinforcement learning approach in continuous space. This setting allows us to explore how an endogenous-money Economy can be built up from scratch, as an emergent property of actions and interactions among heterogeneous agents once money is injected into a non-monetary self-production (or Barter) Economy. In the paper, we first empirically investigate the learning capability of the firm agents. Then, we discuss the results of some computational experiments under different significant scenarios
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Basic endogenous-money Economy: An agent-based approach
'Springer Science and Business Media LLC', 2014Co-Authors: Blecic Ivan, Cecchini Arnaldo, Trunfio, Giuseppe A.Abstract:We present an agent-based model of a simple endogenous-money Economy. The model simulates agents representing individual persons who can work, consume, invent new products and related production technologies, apply for a loan from the bank and start up a business. Through the interaction of persons with the firms, we simulate the production of goods, consumption and labour market. This setting allows us to explore how an endogenous-money Economy may build up from scratch, as an emergent property of actions and interactions among heterogeneous agents, once the money is being injected into a non-monetary self-production (or Barter) Economy. We provide and discuss the results of several computational experiments under three scenarios: (1) with just one firm, (2) with a limited number of firms and abundant workforce, (3) and with unlimited number of firms. © 2014 Springer-Verlag
Colin C Williams - One of the best experts on this subject based on the ideXlab platform.
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the new Barter Economy an appraisal of local exchange and trading systems lets
Journal of Public Policy, 1996Co-Authors: Colin C WilliamsAbstract:A new form of Barter Economy is emerging in many industrial nations. People are exchanging goods and services through Local Exchange and Trading Systems (LETS). These are local associations whose members list their offers of, and requests for, goods and services in a directory and then exchange them priced in a local unit of currency. Using a United Kingdom case study of Totnes LETS, this paper presents a preliminary appraisal of their economic, social equity and community-building objectives. It finds that although LETS are fulfilling these objectives, achievements could be substantially improved with some alterations in public policy towards LETS.
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the new Barter Economy an appraisal of local exchange and trading systems lets
Journal of Public Policy, 1996Co-Authors: Colin C WilliamsAbstract:A new form of Barter Economy is emerging in many industrial nations. People are exchanging goods and services through Local Exchange and Trading Systems (LETS). These are local associations whose members list their offers of, and requests for, goods and services in a directory and then exchange them priced in a local unit of currency. Using a United Kingdom case study of Totnes LETS, this paper presents a preliminary appraisal of their economic, social equity and community-building objectives. It finds that although LETS are fulfilling these objectives, achievements could be substantially improved with some alterations in public policy towards LETS. Barter can be defined as the process by which there is the direct exchange of goods and services without money changing hands. If somebody has a particular good or service to offer, and requires some other good or service, s/he can either find somebody with matching requirements, or make one or more intermediate transactions to obtain the good and/or service wanted. Such a system is obviously cumbersome, especially in the contemporary Economy, since specialization increases the need for an exchange Economy to enable an easier satisfaction of demand. Some form of money, in terms of which the value of each good and/or service is expressed, and which can be exchanged for any good and/or service, has become essential. The problem, however, is that there are many people with unmet needs, and many others able and willing to work, but this supply and demand cannot be matched due to a shortage of money. Consequently, in the past few years, a new form of Barter Economy has started to emerge in industrialised nations in the form of Local Exchange and Trading Systems (LETS). The function of LETS is to enable people to trade goods and services in a locality without using the national currency. To achieve this, a group of people form an association and create a local unit of exchange. They then sell goods and services to each other priced in these units.
Blecic Ivan - One of the best experts on this subject based on the ideXlab platform.
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Multi-Agent Based Modelling of an Endogenous-Money Economy
Institute of Informatics Slovak Academy of Sciences, 2016Co-Authors: Blecic Ivan, Cecchini Arnaldo, Trunfio, Giuseppe A.Abstract:We present an agent-based model of a simple endogenous-money Economy. The model simulates agents representing individual persons who can work, consume, invent new products and related production technologies, apply for a loan from the bank and start up a business. Through the interaction of persons with the firms, we simulate the production of goods, consumption and labour market. In order to achieve a significant level of realism of the simulations, the firms are modelled as adaptive agents using an effective reinforcement learning approach in continuous space. This setting allows us to explore how an endogenous-money Economy can be built up from scratch, as an emergent property of actions and interactions among heterogeneous agents once money is injected into a non-monetary self-production (or Barter) Economy. In the paper, we first empirically investigate the learning capability of the firm agents. Then, we discuss the results of some computational experiments under different significant scenarios
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Basic endogenous-money Economy: An agent-based approach
'Springer Science and Business Media LLC', 2014Co-Authors: Blecic Ivan, Cecchini Arnaldo, Trunfio, Giuseppe A.Abstract:We present an agent-based model of a simple endogenous-money Economy. The model simulates agents representing individual persons who can work, consume, invent new products and related production technologies, apply for a loan from the bank and start up a business. Through the interaction of persons with the firms, we simulate the production of goods, consumption and labour market. This setting allows us to explore how an endogenous-money Economy may build up from scratch, as an emergent property of actions and interactions among heterogeneous agents, once the money is being injected into a non-monetary self-production (or Barter) Economy. We provide and discuss the results of several computational experiments under three scenarios: (1) with just one firm, (2) with a limited number of firms and abundant workforce, (3) and with unlimited number of firms. © 2014 Springer-Verlag
Asaf Darr - One of the best experts on this subject based on the ideXlab platform.
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technological incubators and the social construction of innovation networks an israeli case study
Technovation, 2005Co-Authors: Leora Rothschild, Asaf DarrAbstract:The construction of informal networks between universities and their affiliated technological incubators is explored using data gathered from forty-nine in-depth interviews with R&D project managers, project workers, and thirteen incubator support personnel from an incubator affiliated with the Technion, Israel Institute of Technology, a leading research university. Findings point to a variety of strong and meaningful ties between the incubator's personnel and university staff and faculty members. The informal exchange of knowledge is part of a wider Barter Economy between the incubator and the Technion. In fact, the data support a cyclical model of innovation management, in which a two-way flow of knowledge and goods between the Technion and the incubator exists. Although the construction and maintenance of reciprocal ties has some drawbacks, including the uncertain loyalties of workers affiliated with both organizations, the incubator remains a solid example of how an active work relationship between a research university and an affiliated incubator is an extremely efficient way of promoting innovation management. (SAA)
