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System Efficiency

  • Tim Gooding
Chapter

Abstract

It is frequently said that the market economy is the most efficient economic organisation ever devised by human kind. However, numerous complexity experiments indicate that agent computational effort is inversely correlated with system efficiency . The market economy puts consider computation pressure on consumers because of the wide range of choice and prices available in a market economy. The Toy Trader model is used to test whether normal complexity characteristics hold true in monetary trade systems.

Keywords

Efficiency Perfect information Computational power El Farol Tit for Tat Prisoner’s dilemma Evolution Agent-based model Netlogo Toy Trader model 

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Copyright information

© The Author(s) 2019

Authors and Affiliations

  • Tim Gooding
    • 1
  1. 1.Kingston UniversityKingston upon ThamesUK

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