title: Itinerancy of money.
abstract: Previously, I studied [Physica D 82, 180-194 (1995)] the emergence and collapse of money in a computer simulation model. In this paper I will revisit the same topic, building a model in the same line. I discuss this problem from the viewpoint of chaotic itinerancy. Money is the most popular system for evading the difficulty of exchange under division of labor. It emerges autonomously from exchanges among selfish agents which behave as automata. And such emergent money collapses autonomously. I describe money as a structure in economic space, explaining its autonomous emergence and collapse as two phases of the same phenomenon. The key element in this phenomenon is the switch of the meaning of strategies. This is caused by the drastic change of environment caused by the emergence of a structure. This dynamics shares some aspects with chaotic itinerancy.
authors.affiliation: Graduate School of Arts and Sciences, University of Tokyo, 153-8902 Tokyo, Japan. ay@sacral.c.u-tokyo.ac.jp
authors.forename: Ayumu
authors.initials: A
authors.lastname: Yasutomi