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Learning to Use a Perishable Good as Money

机译:学会使用易腐的好钱

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摘要

In this paper, a variant of Kiyotaki and Wright's model of emergence of money is investigated. In the model, each good has different durability rather than storage cost as in Kiyotaki and Wright's model. Two goods are infinitely durable but one is not durable. With certain conditions, non-durable good can be money as a medium of exchange. But equilibrium condition may be sensitive to the time evolution of the distribution of goods that each agent holds in its inventory. We test, with several learning models using different level of information, whether or not the steady state in this economy can be attainable if the distribution of goods is far from the steady state distribution. Belief learning with full information outperforms the other models. The steady state equilibrium is never attained by belief learning with partial information. A few agents learn to use non-durable good as money by reinforcement learning which does not use information about distribution of goods. It is surprising that providing partial information is rather detrimental for attaining emergence of a non-durable good money.
机译:在本文中,调查了kiyotaki和Wright的金钱出现模型的变种。在该模型中,每个良好的耐用性而不是Kiyotaki和Wright的模型中的耐用性而不是储存成本。两种商品无限耐用,但一个是不耐用的。在某些条件下,不耐用的好能可以作为交换媒介。但均衡条件可能对每个特工在其库存中持有的商品分配的时间演变敏感。我们测试了几种使用不同信息级别的学习模型,如果商品分配远离稳态分布,则是否可以达到这种经济中的稳态。信仰学习完整信息优于其他模型。通过与部分信息的信仰学习永远不会获得稳定状态均衡。一些代理商学会通过加强学习使用非持久的良好作为金钱,这不使用有关商品分销的信息。令人惊讶的是,提供部分信息对实现不持久的好金钱的出现相当有害。

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