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Related Experiment Video

Updated: Jul 10, 2026

Measuring Delay Discounting in Humans Using an Adjusting Amount Task

Measuring Delay Discounting in Humans Using an Adjusting Amount Task

Published on: January 9, 2016

Dynamics of money.

P Bak¹, S F Nørrelykke, M Shubik

¹Niels Bohr Institute, Blegdamsvej 17, 2100 Copenhagen, Denmark.

Physical Review. E, Statistical Physics, Plasmas, Fluids, and Related Interdisciplinary Topics

|April 24, 2002

Summary

This study introduces a dynamical theory where money's value is a strategic choice by agents. Equilibrium money value emerges from initial conditions, breaking continuous symmetry and explaining fluctuations via Goldstone modes.

Area of Science:

Economic theory
Agent-based modeling
Complex systems

Background:

Traditional economic models often assume fixed money value.
Understanding money's value as an emergent property is crucial for dynamic economic analysis.
Agent interactions can lead to complex system behaviors.

Purpose of the Study:

To develop a dynamical many-body theory of money.
To model the value of money as a time-dependent strategic variable chosen by agents.
To explore the implications of emergent money value in economic systems.

Main Methods:

Formulation of a dynamical many-body theory.
Identification of money value as a continuous symmetry in equilibrium.
Symmetry breaking mechanism to determine equilibrium money value.

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Analysis of fluctuations using Goldstone modes.

Illustration with a network model of monopolistic vendors and buyers.

Main Results:

The value of money is not fixed but is a strategic variable determined by agents.
Equilibrium money value emerges from initial conditions due to symmetry breaking.
Fluctuations around equilibrium are governed by Goldstone modes.
A network model demonstrates the theory's applicability.

Conclusions:

Money's value can be understood as an emergent property of agent interactions.
The dynamical theory provides a novel framework for analyzing monetary systems.
Symmetry breaking and Goldstone modes offer new insights into economic fluctuations.