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Evolution of Trading Structures

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Yannis M. Ioannides

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Abstract

This paper reviews the evolution of trading structures by examining two pertinent strands in the literature on economics with interacting agents, one, works that presume a specified topology of interactions among agents, and two, works that let random mechanisms determine that topology. The papr reviews interactive discrete choice models in isotropic settings and proposes extensions within certain stylized anisotopic settings which are particularly interesting for economists. In particular, circular patterns of interaction highlight the role of money and credit; tree-type settings depict Walrasian interactions. The paper suggests that the random topology of interaction approach, which as employed analyses of sizes of trading gorups and thus exploit the full range of possible topological properties of trading structures.

The paper proposes an integration of those approaches which is intended to exploit their natural complementaries. In the simplest possible version, our sythesis involves individual decisions and expectations, randomness, and nature combinng to fix an initial "primordial" topology of interaction. The dynamics of interaction move the economy from then on. The evolution of trading structures depends criticlaly upon multiplicity and stability properties of equilibrium configurations of the interaction model. The paper addresses a number of additional topics, including matching models, spatial aspects of the evolution of trading structures and issues of statistical inference.

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Paper provided by Santa Fe Institute in its series Working Papers with number 96-04-020.

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Date of creation: Apr 1996
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Handle: RePEc:wop:safiwp:96-04-020

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  1. Leigh Tesfatsion, 1998. "Gale-Shapley Matching in an Evolutionary Trade Network Game," Game Theory and Information 9805004, EconWPA, revised 26 Jul 1998. [Downloadable!]
    Other versions:
  2. Rama Cont & Jean-Philippe Bouchaud, 1997. "Herd behavior and aggregate fluctuations in financial markets," Science & Finance (CFM) working paper archive 500028, Science & Finance, Capital Fund Management. [Downloadable!]
  3. J. Scheinkman & U. Horst, 2003. "Equilibria in Systems of Social Interactions," Princeton Economic Theory Working Papers d5a39039d26e0b08775b915bf, David K. Levine. [Downloadable!]
    Other versions:
  4. Yannis M. Ioannides, 2004. "Topologies Of Social Interactions," Econometric Society 2004 North American Winter Meetings 287, Econometric Society. [Downloadable!]
    Other versions:
  5. Randal J. Verbrugge, 1998. "Local Complementarities and Aggregate Fluctuations," Macroeconomics 9809016, EconWPA, revised 30 Sep 1998. [Downloadable!]
  6. Allen Wilhite, 2000. "Self-Organizing Production And Exchange," Computing in Economics and Finance 2000 273, Society for Computational Economics. [Downloadable!]
  7. I. V. Evstigneev & M. I. Taksar, 2001. "Stochastic Economies with Locally Interacting Agents," Working Papers 01-03-018, Santa Fe Institute.
  8. U. Horst, . "Ergodic Fluctuations in a Stock Market Model with Interacting Agents - The Mean Field Case," Sonderforschungsbereich 373 1999-106, Humboldt Universitaet Berlin.
  9. Rama CONT & Jean-Philippe BOUCHAUD, 1997. "Herd behavior and aggregate fluctuations in financial markets," Finance 9712008, EconWPA, revised 30 Dec 1997. [Downloadable!]
  10. Leigh TESFATSION, 1995. "A Trade Network Game With Endogenous Partner Selection," Economic Report 36, Iowa State University Department of Economics. [Downloadable!]
    Other versions:
  11. Allen Wilhite, 2003. "Self-Organizing Production and Exchange," Computational Economics, Springer, vol. 21(1), pages 107-123, February. [Downloadable!] (restricted)
  12. Leigh TESFATSION, 1995. "How Economists Can Get Alife," Economic Report 37, Iowa State University Department of Economics. [Downloadable!]
  13. Guido Fioretti, 2002. "Knowledge and Structure," Industrial Organization 0207011, EconWPA. [Downloadable!]
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