Self-organization of value and demand

Details Self-organization of value and demand Self-organization of value and demand

1999-06-18

arxiv.org/abs/cond-mat/9906298v2

Physica A 276 (2000) 572-580

Physics

Condensed Matter

Statistical Mechanics

RevTex, 4 pages, 3 figures

Scientific paper

10.1016/S0378-4371(99)00473-2

We study the dynamics of exchange value in a system composed of many
interacting agents. The simple model we propose exhibits cooperative emergence
and collapse of global value for individual goods. We demonstrate that the
demand that drives the value exhibits non Gaussian "fat tails" and typical
fluctuations which grow with time interval with a Hurst exponent of 0.7.

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