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Coordination over a unique medium of exchange under information scarcity

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dc.contributor Aalto-yliopisto fi
dc.contributor Aalto University en
dc.contributor.author Nioche, Aurélien
dc.contributor.author Garcia, Basile
dc.contributor.author Lefebvre, Germain
dc.contributor.author Boraud, Thomas
dc.contributor.author Rougier, Nicolas P.
dc.contributor.author Bourgeois-Gironde, Sacha
dc.date.accessioned 2020-01-02T14:02:33Z
dc.date.available 2020-01-02T14:02:33Z
dc.date.issued 2019-12-01
dc.identifier.citation Nioche , A , Garcia , B , Lefebvre , G , Boraud , T , Rougier , N P & Bourgeois-Gironde , S 2019 , ' Coordination over a unique medium of exchange under information scarcity ' , Palgrave Communications , vol. 5 , no. 1 , 153 . https://doi.org/10.1057/s41599-019-0362-2 en
dc.identifier.issn 2055-1045
dc.identifier.other PURE UUID: 7e0ec36a-0698-4b8e-9038-5911c78e7656
dc.identifier.other PURE ITEMURL: https://research.aalto.fi/en/publications/7e0ec36a-0698-4b8e-9038-5911c78e7656
dc.identifier.other PURE LINK: http://www.scopus.com/inward/record.url?scp=85075992896&partnerID=8YFLogxK
dc.identifier.other PURE FILEURL: https://research.aalto.fi/files/39501382/ELEC_Nioche_Coordination_over_PC.pdf
dc.identifier.uri https://aaltodoc.aalto.fi/handle/123456789/42098
dc.description.abstract Several micro-founded macroeconomic models with rational expectations address the issue of money emergence, by characterizing it as a coordination game. These models have in common the use of agents who dispose of perfect or near-perfect information on the global state of the economy and who display full-fledged computational abilities. Several experimental studies have shown that a simple trial-and-error learning process could constitute an explanation for how agents coordinate on a single mean of exchange. However, these studies provide subjects with full information regarding the state of the economy while restricting the number of goods in circulation to three. In this study, by the mean of multi-agent simulations and human experiments, we test the hypothesis according to which coordination over a unique medium of exchange is possible in the context of information scarcity. In our experimental design, subjects and artificial agents are only aware of the outcome of their own decisions. We provide results for economies with 3 and 4 goods to evaluate to which extent it is possible to generalize results obtained with 3 goods to n goods. Our findings show that in an economy à la Iwai, commodity money can emerge under drastic information restrictions with three goods in circulation, but generalization to four or more goods is not guaranteed. en
dc.format.mimetype application/pdf
dc.language.iso en en
dc.publisher Palgrave Macmillan Ltd.
dc.relation.ispartofseries Palgrave Communications en
dc.relation.ispartofseries Volume 5, issue 1 en
dc.rights openAccess en
dc.title Coordination over a unique medium of exchange under information scarcity en
dc.type A1 Alkuperäisartikkeli tieteellisessä aikakauslehdessä fi
dc.description.version Peer reviewed en
dc.contributor.department User Interfaces
dc.contributor.department Université de Bordeaux
dc.contributor.department Institut national de la santé et de la recherche médicale
dc.contributor.department CNRS
dc.contributor.department Department of Communications and Networking en
dc.identifier.urn URN:NBN:fi:aalto-202001021209
dc.identifier.doi 10.1057/s41599-019-0362-2
dc.type.version publishedVersion

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