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THE DYNAMIC MODEL OF THE CLOSED MARKET WITH ONE COMMODITY AND FINITE LINEAR AUTOMATA AS PARTICIPANTS
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THE DYNAMIC MODEL OF THE CLOSED MARKET WITH ONE COMMODITY AND FINITE LINEAR AUTOMATA AS PARTICIPANTS
Annotation
PII
S042473880000616-6-1
Publication type
Article
Status
Published
Authors
Mark Voronovitsky 
Edition
Volume 52 Issue 2
Pages
75-90
Abstract
The dynamic model of a closed market with one commodity, which is a combination of autonomous and interacting participants, is investigated in the paper. Closure of the market means that quantity of the commodity and amount of money on the market are constant at all the moments of time. Each partner in the market can be in one of the three statuses: а buyer, a seller and not a participant in trade at this moment of time. The interaction is carried out through trade. Partners in the market change their statuses and prices, using the personal information of each of them about trade in the previous moment of time only and trying to secure their partnership in trade at the next moment. The finite automata models the choice of risk degree in definition of new prices. So we study the closed market with one commodity as a system of interacting finite automata. We showed by the computer investigation the convergence of the average price of the market to a neighborhood of some his average value. We also investigated the role of volume of automata’s memory, which represent the participants of market, on the behavior of all our system.
Keywords
mathematical model, closed market, one commodity market, dynamics of prices, tra- jectory, stationary set, stationary state, finite automata
Date of publication
01.04.2016
Number of purchasers
1
Views
961
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0.0 (0 votes)
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Voronovitskij M.M. (2014). Agent-orientirovannaya model' zamknutogo odnotovarnogo rynka // Ehkonomika i matematicheskie metody. T. 50. № 2. S. 58-72.                


Voronovitskij M.M. (2015). Agent-orientirovannaya model' zamknutogo odnotovarnogo rynka pri ratsional'nom predpochtenii uchastnikov // Ehkonomika i matematicheskie metody. T. 51. № 3. S. 75-91.     


Makarov V.L. (2012). Iskusstvennye obschestva // Ehkonomika i matematicheskie metody. T. 48. № 3. S. 3-20.             


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LeBaron B., Brian W.A., Palmer R. (1999).Time Series Properties of an Artificial Stock Market Model // Journal of Economic Dynamics and Control. Vol. 23. P. 1487-1516.                


Topol R. (1991). Bubbles and Volatility of Stock Prices; Effect of Mimetic Contagion // The Economic Journal. Vol. 101. P. 786-809.

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