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

Volume

1

fYear

2010

fDate

12-14 Nov. 2010

Firstpage

55

Lastpage

58

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;

fLanguage

English

Publisher

ieee

Conference_Titel

System Science, Engineering Design and Manufacturing Informatization (ICSEM), 2010 International Conference on

Conference_Location

Yichang

Print_ISBN

978-1-4244-8664-9

Type

conf

DOI

10.1109/ICSEM.2010.21

Filename

5640138