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THE AGENT-BASED MODEL OF THE CLOSED MARKET WITH ONE COMMODITY AND RATIONAL CHOICE OF PARTNERS
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THE AGENT-BASED MODEL OF THE CLOSED MARKET WITH ONE COMMODITY AND RATIONAL CHOICE OF PARTNERS
Annotation
PII
S042473880000616-6-1
Publication type
Article
Status
Published
Authors
Mark Voronovitsky 
Edition
Volume 51 Issue 3
Pages
64-80
Abstract

The model of a one-commodity market, in which at each moment there are the fi xed quantity of goods and the fi xed quantity of money was proposed and investigated in the paper. Each participant can have one of three statuses in the market: a buyer, a seller or not to participate in trade at a certain moment of time. Each of them can change his status in the next moment of time. Market participants can change their statuses and prices only by using their personal information about his trade in the previous moment. This model differs from previous model by considering the rational choice of participant’s activities and status and by а more realistic mechanism of market trade (Voronovitsky, 2014). The main target of this research is to fi nd the effects of rational behavior of participants in the market. The main result is the convergence of trajectory of our system to а stationary set of states with average price of trade which is close to constant.

Keywords
mathematical model, closed market, one-commodity market, dynamics of prices, trajectory, stationary set, stable state, rational choice
Date of publication
01.07.2015
Number of purchasers
1
Views
826
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