Asynchronous time–space model for evolutionary market
An economic system is thought to be evolutionary growing. Economists investigate human decision-making by monetary value. However, the emergent property of the economy has not been explained. A model considering the extent of the monetary value is required. In this paper, a time-space model is proposed to elucidate the economic evolution of a market. Since the market activities are always open and realtime, the model of time and space is complicated. For the complexity, the probabilistic boundary and expectations under a low-possibility are introduced. Then, time and space cannot be separated and are defined as an asynchronous relationship. We apply this time-space model to the adaptive agent models of single and double auctions. The results of the numerical simulation indicate the intermittency in a broad area of the control parameter. This result concludes that the extent of monetary value can be a basis of the evolutionary market.