Learning to Trade and Mediate

Dawid H (2000)
In: Interaction and Market Structure: Essays on Heterogeneity in Economics. Delli Gatti D, Gallegatti M, Kirman A (Eds); Lecture Notes in Economics and Mathematical Systems, 484. Berlin/Springer: Springer Verlag, Heidelberg: 9-32.

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Delli Gatti, D. ; Gallegatti, M. ; Kirman, A.
Abstract
In this paper we study the behavior of boundedly rational agents in a two good economy where trading is costly with respect to time. All individuals have a fixed time budget and may spend time for the production of good one, the production of good two and trading. They update their strategies, which determine their time allocation, according to a simple imitation type learning rule with noise. In a setup with two different type of agents with different production technologies we show by the means of simulations that both direct trade and trade via mediators who specialize in trading can emerge. We can also observe the transition from a pure production economy via direct trade to an economy with mediated trade.
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Dawid H. Learning to Trade and Mediate. In: Delli Gatti D, Gallegatti M, Kirman A, eds. Interaction and Market Structure: Essays on Heterogeneity in Economics. Lecture Notes in Economics and Mathematical Systems. Vol 484. Berlin/Springer: Springer Verlag, Heidelberg; 2000: 9-32.
Dawid, H. (2000). Learning to Trade and Mediate. In D. Delli Gatti, M. Gallegatti, & A. Kirman (Eds.), Lecture Notes in Economics and Mathematical Systems: Vol. 484. Interaction and Market Structure: Essays on Heterogeneity in Economics (pp. 9-32). Berlin/Springer: Springer Verlag, Heidelberg. doi:10.1007/978-3-642-57005-6_2
Dawid, H. (2000). “Learning to Trade and Mediate” in Interaction and Market Structure: Essays on Heterogeneity in Economics, Delli Gatti, D., Gallegatti, M., and Kirman, A. eds. Lecture Notes in Economics and Mathematical Systems, vol. 484, (Berlin/Springer: Springer Verlag, Heidelberg), 9-32.
Dawid, H., 2000. Learning to Trade and Mediate. In D. Delli Gatti, M. Gallegatti, & A. Kirman, eds. Interaction and Market Structure: Essays on Heterogeneity in Economics. Lecture Notes in Economics and Mathematical Systems. no.484 Berlin/Springer: Springer Verlag, Heidelberg, pp. 9-32.
H. Dawid, “Learning to Trade and Mediate”, Interaction and Market Structure: Essays on Heterogeneity in Economics, D. Delli Gatti, M. Gallegatti, and A. Kirman, eds., Lecture Notes in Economics and Mathematical Systems, vol. 484, Berlin/Springer: Springer Verlag, Heidelberg, 2000, pp.9-32.
Dawid, H.: Learning to Trade and Mediate. In: Delli Gatti, D., Gallegatti, M., and Kirman, A. (eds.) Interaction and Market Structure: Essays on Heterogeneity in Economics. Lecture Notes in Economics and Mathematical Systems. 484, p. 9-32. Springer Verlag, Heidelberg, Berlin/Springer (2000).
Dawid, Herbert. “Learning to Trade and Mediate”. Interaction and Market Structure: Essays on Heterogeneity in Economics. Ed. D. Delli Gatti, M. Gallegatti, and A. Kirman. Berlin/Springer: Springer Verlag, Heidelberg, 2000.Vol. 484. Lecture Notes in Economics and Mathematical Systems. 9-32.
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