We investigate the relation between money and memory in computational systems. To do so, we introduce a model in which agents have a state associated with them that is known to those interacting with them. The joint states of agents who interact successfully change according to some prescribed probability distribution. We show that such mechanisms can in fact encode and generalize a rich variety of monetary mechanisms, while requiring very little memory per agent to represent state, possibly even a single bit. We explore how monetary considerations like the total amount of money apply in our model, and seek memory-based mechanisms that increase social welfare. We examine the natural encoding of a token-based system in memory, in which tokens are exchanged and conserved during each transaction. We find that mechanisms that use price discrimination or do not conserve tokens can provide higher social welfare.
|Original language||American English|
|Title of host publication||16th International Conference on Autonomous Agents and Multiagent Systems, AAMAS 2017|
|Editors||Edmund Durfee, Michael Winikoff, Kate Larson, Sanmay Das|
|Publisher||International Foundation for Autonomous Agents and Multiagent Systems (IFAAMAS)|
|Number of pages||3|
|State||Published - 2017|
|Event||16th International Conference on Autonomous Agents and Multiagent Systems, AAMAS 2017 - Sao Paulo, Brazil|
Duration: 8 May 2017 → 12 May 2017
|Name||Proceedings of the International Joint Conference on Autonomous Agents and Multiagent Systems, AAMAS|
|Conference||16th International Conference on Autonomous Agents and Multiagent Systems, AAMAS 2017|
|Period||8/05/17 → 12/05/17|
Bibliographical notePublisher Copyright:
© Copyright 2017, International Foundation for Autonomous Agents and Multiagent Systems (www.ifaamas.org). All rights reserved.
- Economic mechanisms