Please post your questions/critical remarks relating to:
- Hodgson (2015). What are institutions? (p. 2-8) hodgson_2015_markets.pdf
Hodgson
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Critical Remarks:
- tl;dr markets are emergent phenomena in groups of self-interested agents. Why did this take 10 pages? → Emergent Behavior
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Questions:Â
- wouldn’t this be so much easier to explain using emergent behavior theory like cellular automata? Then going into detail how different variables can/are changing temporaly (like iteration speed in digital markets) or culturally (more/less greed).
- Below I’ve linked a nice visualization video which would also help in giving a visual part to the whole “market” phenomena, wherein a market would be represented by larger blobs of intense activity. Instead of more distant or loosely related trades https://youtu.be/kzwT3wQWAHE?si=JoFM2uc2ClAowPRO