Convergence to Monetary Equilibrium in Search Model

D 2014

Convergence to Monetary Equilibrium in Search Model

STANĚK, Rostislav

Základní údaje

Originální název

Convergence to Monetary Equilibrium in Search Model

Autoři

STANĚK, Rostislav

Vydání

Olomouc, 32nd International Conference Mathematical Methods in Economics Conference Proceedings, s. 956-961, 2014

Nakladatel

Palacký University

Další údaje

Jazyk

angličtina

Typ výsledku

Stať ve sborníku

Obor

50200 5.2 Economics and Business

Stát vydavatele

Česká republika

Utajení

není předmětem státního či obchodního tajemství

Forma vydání

paměťový nosič (CD, DVD, flash disk)

Odkazy

URL

Označené pro přenos do RIV

Ano

Kód RIV

RIV/00216224:14560/14:00076575

Organizační jednotka

Ekonomicko-správní fakulta

ISBN

978-80-244-4209-9

UT WoS

000356417900164

Klíčová slova anglicky

monetary equilibrium; search model; convergence; agent-based model

Příznaky

Mezinárodní význam, Recenzováno

Změněno: 12. 8. 2020 14:10, Mgr. Michal Petr

Anotace

V originále

Monetary equilibria are welfare superior comparing to barter equilibria in models with decentralized trade, such as search models. However, monetary equilibrium arises only if agents share the belief that money is accepted by other agents. The paper explores the question whether agents can spontaneously coordinate on such a belief in case of at money. Formation of monetary equilibrium is studied in the monetary search model, which is similar to Kiyotaki-Wright model. The model is characterized by decentralized trading where agents have to decide whether to accept at money or not. Each agent has some belief about money acceptability and chooses optimal action with respect to this belief. The belief is updated after each trade. To allow for non-equilibrium dynamics the model is solved by means of agent based simulation. The paper shows what conditions have to be met in order for monetary equilibrium to arise. The efects of network type, total number of agents in society and initial conditions on the acceptability of at money are examined.

Návaznosti

MUNI/A/0781/2013, interní kód MU

Název: Regulace trhu dopravních služeb – modely, metody a aplikace (Akronym: ReDoS)

Investor: Masarykova univerzita, Regulace trhu dopravních služeb – modely, metody a aplikace, DO R. 2020_Kategorie A - Specifický výzkum - Studentské výzkumné projekty

Citovat

STANĚK, Rostislav. Convergence to Monetary Equilibrium in Search Model. In Talašová J., Stoklasa J., Talášek T. 32nd International Conference Mathematical Methods in Economics Conference Proceedings. Olomouc: Palacký University, 2014, s. 956-961. ISBN 978-80-244-4209-9.

@inproceedings{1199073,
   author = {Staněk, Rostislav},
   address = {Olomouc},
   booktitle = {32nd International Conference Mathematical Methods in Economics Conference Proceedings},
   editor = {Talašová J., Stoklasa J., Talášek T.},
   keywords = {monetary equilibrium; search model; convergence; agent-based model},
   howpublished = {paměťový nosič},
   language = {eng},
   location = {Olomouc},
   isbn = {978-80-244-4209-9},
   pages = {956-961},
   publisher = {Palacký University},
   title = {Convergence to Monetary Equilibrium in Search Model},
   url = {http://www.mme2014.upol.cz/downloads/MME_2014_Proceedings.pdf},
   year = {2014}
}

TY  - CONF
ID  - 1199073
AU  - Staněk, Rostislav
PY  - 2014
TI  - Convergence to Monetary Equilibrium in Search Model
PB  - Palacký University
CY  - Olomouc
SN  - 9788024442099
KW  - monetary equilibrium
KW  - search model
KW  - convergence
KW  - agent-based model
UR  - http://www.mme2014.upol.cz/downloads/MME_2014_Proceedings.pdf
L2  - http://www.mme2014.upol.cz/downloads/MME_2014_Proceedings.pdf
N2  - Monetary equilibria are welfare superior comparing to barter equilibria in models with decentralized trade, such as search models. However, monetary equilibrium arises only if agents share the belief that money is accepted by other agents. The paper explores the question whether agents can spontaneously coordinate on such a belief in case of at money. Formation of monetary equilibrium is studied in the monetary search model, which is similar to Kiyotaki-Wright model. The model is characterized by decentralized trading where agents have to decide whether to accept at money or not. Each agent has some belief about money acceptability and chooses optimal action with respect to this belief. The belief is updated after each trade. To allow for non-equilibrium dynamics the model is solved by means of agent based simulation. The paper shows what conditions have to be met in order for monetary equilibrium to arise. The efects of network type, total number of agents in society and initial conditions on the acceptability of at money are examined.
ER  -

STANĚK, Rostislav. Convergence to Monetary Equilibrium in Search Model. In Talašová J., Stoklasa J., Talášek T. \textit{32nd International Conference Mathematical Methods in Economics Conference Proceedings}. Olomouc: Palacký University, 2014, s.~956-961. ISBN~978-80-244-4209-9.

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