Agent-Based Simulation on the Emergence of Money through a Doubly Structural Network Model

Abstract

An emergence of money is an important problem in economics. The economists have argued about this problem many years. However, the arguments were only abstract. In this research, we present a new model to explain a phenomenon that one of goods attains nature of money in the barter. Furthermore, we implement multi-agent simulator on the basis of this model and consider emergence of money in the complex social network by using the simulation result. Our new model which is different from a precedence research, consists of a micro-macro doubly structural network reflecting individual recognitions and social connections among agents. This model will show processes in which particular one of goods attains natures of money as a self-organization of the network. We examine this process by agent-based simulation with a static or dynamic social network and show that this model is able to apply to complex social network.