A group of us are starting a discussion on how to model value, from more
first principles.
Value is a major aspect of any economic theory: what it is, how it is
produced, measured, stored and transferred between agents. Indeed,
historically, these aspects characterise different schools of political
economy. Some approaches focus on an objective basis for value such as
labour or physical resources. Others place emphasis on subjective judgments
by individual agents and free exchange between them.
Recent, often ICT mediated, developments such as “commons based peer
production”, “crowd funding”, “freecycling” and new virtual currencies do
not fit easily into existing economic models of value. On the other hand
“complexity science” tools and approaches allow for a widening of
traditional models of value.
Traditional models have focused on agents using either object or subjective
notions of value and equilibrium points. Agent-based modelling allows for
experimentation with new and hybrid notions of value in non-equilibrium
conditions. In these, value might be an emergent phenomena where agents
construct notions of value through the interplay of subjective and
objective factors supporting novel forms of exchange and cooperation.
There will be a workshop (see below),17th & 18th June in Marseilles,
sponsored by NESS (http://www.nessnet.eu/). For details see:
http://wp.me/P24zGe-bh
If you intended to participate *you need send an email to Juliette Rouchier
<[log in to unmask]> before 9th June *(sorry for late notice).
If you can not make it, email us ([log in to unmask]) anyway to keep you
informed as to the results and future initiatives in this direction.
Regards.
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Bruce Edmonds
Centre for Policy Modelling
Manchester Metropolitan University Business School,
All Saints Campus, Oxford Road, Manchester M15 6BH, UK.
Tel. +161 247 6479 Fax. +161 247 6802
http://bruce.edmonds.name
