Simple Agent-based Computational Model of Market Without Intermediation



Year of publication 2008
MU Faculty or unit

Faculty of Economics and Administration

Description This paper describes an agent-based computational model of a market with reservation prices without intermediation. The market institutions are parameterized, and cover Smith's CDA market, Chamberlin's unorganized market, and many other types of markets. The model allows us to estimate the relative contribution of the individual institutional elements to the market efficiency.

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