Market Coordination Under Non-Equilibrium Dynamics

Dragicevic A. Z.

NETWORKS & SPATIAL ECONOMICS, cilt.19, sa.3, ss.697-715, 2019 (SCI-Expanded) identifier identifier

  • Yayın Türü: Makale / Tam Makale
  • Cilt numarası: 19 Sayı: 3
  • Basım Tarihi: 2019
  • Doi Numarası: 10.1007/s11067-018-9414-1
  • Dergi Adı: NETWORKS & SPATIAL ECONOMICS
  • Derginin Tarandığı İndeksler: Science Citation Index Expanded (SCI-EXPANDED), Scopus
  • Sayfa Sayıları: ss.697-715
  • İstanbul Teknik Üniversitesi Adresli: Hayır

Özet

In order to study the market coordination under non-equilibrium dynamics, such as the one outlined in catallactics, we consider a multi-agent system with fixed topology, based upon a Hamiltonian structure, subject to flocking behavior. The assumptions of market segmentation and of imperfect competition are introduced. We show that the catallactic framework leads to the emergence of a stable market coordination, but is also a dissipative structure of cyclical nature, such that imperfect competition gives rise to a pseudo-competitive market. In case of risk-sharing, we find that catallactics yields an unstable trading system, which transforms the market risk into a systemic risk.