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Emergence of networks and market institutions in a large virtual economy

[working paper]

Kephart, Curtis; Friedman, Daniel; Baumer, Matt

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Please use the following Persistent Identifier (PID) to cite this document:http://hdl.handle.net/10419/123502

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Corporate Editor Wissenschaftszentrum Berlin für Sozialforschung gGmbH
Abstract A complete set of transactions, more than 40 million within a 1.8 year span, allows us to track the evolution of the trader network and the goods network in an on-line trading community. The computer platform was designed to make barter exchange as attractive as possible; money was not part of the design and all players were created equal. Yet, within weeks, several specific goods began to emerge as media of exchange, and not long after that various sorts of specialized traders began to appear. We track their progress using network-theoretic metrics such as node strength, assortativity, betweenness and closeness. By the end of our sample, virtually all trade was money-mediated and market makers played a major role. (author's abstract)
Keywords market; efficiency; money; barter; economy; commerce; online service; network
Classification Basic Research, General Concepts and History of Economics
Document language English
Publication Year 2015
City Berlin
Page/Pages 36 p.
Series Discussion Papers / Wissenschaftszentrum Berlin für Sozialforschung, Forschungsschwerpunkt Markt und Entscheidung, Forschungsprofessur Market Design: Theory and Pragmatics, SP II 2015-502
Status Published Version; reviewed
Licence Deposit Licence - No Redistribution, No Modifications