This paper analyses the evolution of trading relationships in a market in which trades take place bilaterally. Buyers reinforce their probability of visiting sellers as a function of the profitability of their past experience. Using the "mean field" approach it is shown that two distant types of...

We propose an agent-based computational model to investigate sequential Dutch auctions with particular emphasis on markets for perishable goods and we take as an example wholesale fish markets. Buyers in these markets sell the fish they purchase on a retail market. The paper provides an original...

The state in which economic agents find themselves depend on the states of theother individuals in the economy. Thie dependence may be direct or indirect and involves the network through which agents interact. This paper describes models which lie between polar extremes. On the one hand there is...

In physical models it is well understood that the aggregate behaviour of a system is not in one to one correspondence with the behaviour of the average individual element of that system. Yet, in many economic models the behaviour of aggregates is thought of as corresponding to that of an...