Competition of Commodities for the Status of Money in an Agent-based Model

R. Gębarowskia, S. Drożdża,b, A.Z. Górskib, and P. Oświęcimkab aFaculty of Physics, Mathematics and Computer Science, Tadeusz Kościuszko Cracow University of Technology, Warszawska 24, 31-155 Kraków, Poland bInstitute of Nuclear Physics PAN, Radzikowskiego 152, 31-342 Kraków, Poland

Full Text PDF

In this model study of the commodity market, we present some evidence of competition of commodities for the status of money in the regime of parameters, where emergence of money is possible. The competition reveals itself as a rivalry of a few (typically two) dominant commodities, which take the status of money in turn.

DOI: 10.12693/APhysPolA.127.A-51 PACS numbers: 89.65.Gh, 89.75.Fb, 05.45.Tp