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4 mars 2019
- handle: 10670/1.hjr8e3
- hal: hal-02403894
- doi: 10.1007/s10614-019-09887-x
- SCIENCESPO: 2441/a30cu3m69obb7248dehhrg7m
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info:eu-repo/semantics/altIdentifier/doi/10.1007/s10614-019-09887-x
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info:eu-repo/semantics/altIdentifier/hdl/2441/a30cu3m69obb7248dehhrg7m
Mots-clés
Money Rationality Speculative strategies Computational methods Money C - Mathematical and Quantitative Methods/C.C6 - Mathematical Methods • Programming Models • Mathematical and Simulation Modeling/C.C6.C61 - Optimization Techniques • Programming Models • Dynamic Analysis C - Mathematical and Quantitative Methods/C.C6 - Mathematical Methods • Programming Models • Mathematical and Simulation Modeling/C.C6.C63 - Computational Techniques • Simulation Modeling D - Microeconomics/D.D8 - Information, Knowledge, and Uncertainty/D.D8.D83 - Search • Learning • Information and Knowledge • Communication • Belief • Unawareness E - Macroeconomics and Monetary Economics/E.E2 - Consumption, Saving, Production, Investment, Labor Markets, and Informal Economy/E.E2.E27 - Forecasting and Simulation: Models and Applications E - Macroeconomics and Monetary Economics/E.E4 - Money and Interest Rates/E.E4.E41 - Demand for MoneySujets proches
Specie Monetary question Money, Primitive Currency Standard of valueCiter ce document
Zakaria Babutsidze et al., « The emergence of money: Computational approaches with fully and boundedly rational agents », Archive ouverte de Sciences Po (SPIRE), ID : 10.1007/s10614-019-09887-x
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Résumé
We discuss the emergence of money in a Kiyotaki and Wright (J Polit Econ 97:927–954, 1989) environment through two computational methodologies. One assumes that agents are fully rational and coordinate on Nash equilibria. The other considers boundedly rational agents whose choices are guided by a classifier system à la Marimon et al. (J Econ Dyn Control 14:329–373, 1990). We apply the two methodologies to study the conditions under which individuals can learn to play speculative strategies—to accept a high-storage-cost good as money. Our analysis suggests that, while in both types of systems money can emerge along a dynamic path, boundedly rational agents make conflicting choices at times, even when the classifier system provides clear information about the likely gains of a trade.