Market Coordination Under Non-Equilibrium Dynamics


Dragicevic A. Z.

NETWORKS & SPATIAL ECONOMICS, cilt.19, ss.697-715, 2019 (SCI İndekslerine Giren Dergi) identifier identifier

  • Cilt numarası: 19 Konu: 3
  • Basım Tarihi: 2019
  • Doi Numarası: 10.1007/s11067-018-9414-1
  • Dergi Adı: NETWORKS & SPATIAL ECONOMICS
  • Sayfa Sayıları: ss.697-715

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.