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The Dynamics Of Bilateral Exchange And Division Of Labor

Author

Listed:
  • KJELL HAUSKEN

    (Faculty of Social Sciences, University of Stavanger, P. O. Box 8002, N-4068 Stavanger, Norway)

  • JOHN F. MOXNES

    (Department for Protection, Norwegian Defence Research Establishment, P. O. Box 25, 2007 Kjeller, Norway)

Abstract

The article presents a dynamic model of exchange, production, and consumption. In a dynamic world, complicated predictions often have to be made. Thus, in this article, the classical exchange model is expanded with a dynamic model specifying the intermediate states toward a static equilibrium, which may or may not be reached. A price mechanism was necessary to develop in order to describe these changes over time. The model is illustrated with two examples of the emergence of division of labor. The robustness of the dynamic model is tested with sensitivity analysis.

Suggested Citation

  • Kjell Hausken & John F. Moxnes, 2005. "The Dynamics Of Bilateral Exchange And Division Of Labor," International Journal of Modern Physics C (IJMPC), World Scientific Publishing Co. Pte. Ltd., vol. 16(01), pages 117-137.
    • Handle: RePEc:wsi:ijmpcx:v:16:y:2005:i:01:n:s0129183105006978
    DOI: 10.1142/S0129183105006978
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    References listed on IDEAS

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    1. Susan E. Brodt, 1997. "Innovative Approaches to Research on Group Decision and Negotiation," Group Decision and Negotiation, Springer, vol. 6(4), pages 283-287, July.
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    Cited by:

    1. Kjell Hausken, 2013. "Exchange of goods while investing into production and safety," Operations Research and Decisions, Wroclaw University of Science and Technology, Faculty of Management, vol. 23(1), pages 29-35.

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