Authors:
Jun Kiniwa
1
;
Kensaku Kikuta
1
and
Hiroaki Sandoh
2
Affiliations:
1
University of Hyogo, Japan
;
2
Osaka University, Japan
Keyword(s):
Multiagent Model, Price Determination, Self-stabilization, Inflation, Deflation.
Related
Ontology
Subjects/Areas/Topics:
Agents
;
Artificial Intelligence
;
Artificial Intelligence and Decision Support Systems
;
Auctions and Markets
;
Distributed and Mobile Software Systems
;
Economic Agent Models
;
Enterprise Information Systems
;
Knowledge Engineering and Ontology Development
;
Knowledge-Based Systems
;
Multi-Agent Systems
;
Software Engineering
;
Symbolic Systems
Abstract:
We consider a simple network model for economic agents where each can buy goods in the neighborhood.
Their prices may be initially distinct in any node. However, by assuming some rules on new prices, we show
that the distinct prices will reach an equilibrium price by iterating buy and sell operations. First, we present a
protocol model in which each agent always bids at some rate in the difference between his own price and the
lowest price in the neighborhood. Next, we show that the equilibrium price can be derived from the total funds
and the total goods for any network. This confirms that the inflation / deflation occurs due to the increment /
decrement of funds as long as the quantity of goods is constant. Finally, we consider how injected funds spread
in a path network because sufficient funds of each agent drive him to buy goods. This is a monetary policy
for deflation. A set of recurrences lead to the price of goods at each node at any time. Then, we compare
two injections with
half funds and single injection. It turns out the former is better than the latter from a
fund-spreading point of view, and thus it has an application to a monetary policy and a strategic management
based on the information of each agent.
(More)