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TitleHeterogeneity, Price Discovery and Inequality in an Agent-Based Scarf Economy
Creator陳樹衡
Chen, Shu-Heng
Venkatachalam, Ragupathy
Chie, Bin-Tzong
Kao, Ying-Fang
Magerl, Wolfgang
Contributor經濟系
Key WordsNon-tâtonnement processes  ; Coordination ;  Learning ;  Agent-based modeling ;  Walrasian general equilibrium ;  Heterogeneous agents 
Date2018-11
Date Issued25-May-2020 10:14:07 (UTC+8)
SummaryIn this chapter, we develop an agent-based Scarf economy with heterogeneous agents, who have private prices and adaptively learn from their own experiences and those of others through a meta-learning model. We study the factors affecting the efficacy of price discovery and coordination to the Walrasian Equilibrium. We also find that payoff inequality emerges endogenously over time among the agents and this is traced back to intensity of choice (a behavioural parameter) and the associated strategy choices. Agents with high intensities of choice suffer lower payoffs if they do not explore and learn from other agents.
RelationComplex Systems Modeling and Simulation in Economics and Finance, Springer, pp.113-139
Type專書篇章
dc.contributor 經濟系
dc.creator (作者) 陳樹衡
dc.creator (作者) Chen, Shu-Heng
dc.creator (作者) Venkatachalam, Ragupathy
dc.creator (作者) Chie, Bin-Tzong
dc.creator (作者) Kao, Ying-Fang
dc.creator (作者) Magerl, Wolfgang
dc.date (日期) 2018-11
dc.date.accessioned 25-May-2020 10:14:07 (UTC+8)-
dc.date.available 25-May-2020 10:14:07 (UTC+8)-
dc.date.issued (上傳時間) 25-May-2020 10:14:07 (UTC+8)-
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/129720-
dc.description.abstract (摘要) In this chapter, we develop an agent-based Scarf economy with heterogeneous agents, who have private prices and adaptively learn from their own experiences and those of others through a meta-learning model. We study the factors affecting the efficacy of price discovery and coordination to the Walrasian Equilibrium. We also find that payoff inequality emerges endogenously over time among the agents and this is traced back to intensity of choice (a behavioural parameter) and the associated strategy choices. Agents with high intensities of choice suffer lower payoffs if they do not explore and learn from other agents.
dc.format.extent 1825482 bytes-
dc.format.mimetype application/pdf-
dc.relation (關聯) Complex Systems Modeling and Simulation in Economics and Finance, Springer, pp.113-139
dc.subject (關鍵詞) Non-tâtonnement processes  ; Coordination ;  Learning ;  Agent-based modeling ;  Walrasian general equilibrium ;  Heterogeneous agents 
dc.title (題名) Heterogeneity, Price Discovery and Inequality in an Agent-Based Scarf Economy
dc.type (資料類型) 專書篇章
dc.identifier.doi (DOI) 10.1007/978-3-319-99624-0_6
dc.identifier.doi (DOI) https://doi.org/10.1007/978-3-319-99624-0_6