An agent-based approach to value theory and wealth distribution in economics

Any attempt to model an economy requires foundational assumptions about the relations between prices, values and the distribution of wealth. These assumptions exert a profound influence over the results of any model. Unfortunately, there are few areas in economics as vexed as the theory of value. I argue in this paper that the fundamental problem with past theories of value is that it is simply not possible to model the determination of value, the formation of prices and the distribution of income in a real economy with analytic mathematical models. All such attempts leave out crucial processes or make unrealistic assumptions which significantly affect the results. There have been two primary approaches to the theory of value. The first, associated with classical economists such as Ricardo and Marx were substance theories of value, which view value as a substance inherent in an object and which is conserved in exchange. For Marxists, the value of a commodity derives solely from the value of the labour power used to produce it - and therefore any profit is due to the exploitation of the workers. The labour theory of value has been discredited because of its assumption that labour was the only ‘factor’ that contributed to the creation of value, and because of its fundamentally circular argument. Neoclassical theorists argued that price was identical with value and was determined purely by the interaction of supply and demand. Value then, was completely subjective. Returns to labour (wages) and capital (profits) were determined solely by their marginal contribution to production, so that each factor received its just reward by definition. Problems with the neoclassical approach include assumptions concerning representative agents, perfect competition, perfect and costless information and contract enforcement, complete markets for credit and risk, aggregate production functions and infinite, smooth substitution between factors, distribution according to marginal products, firms always on the production possibility frontier and firms’ pricing decisions, ignoring money and credit, and perfectly rational agents with infinite computational capacity. Two critical areas include firstly, the underappreciated Sonnenschein-Mantel- Debreu results which showed that the foundational assumptions of the Walrasian general-equilibrium model imply arbitrary excess demand functions and therefore arbitrary equilibrium price sets. Secondly, in real economies, there is no equilibrium, only continuous change. Equilibrium is never reached because of constant changes in preferences and tastes; technological and organisational innovations; discoveries of new resources and new markets; inaccurate and evolving expectations of businesses, consumers, governments and speculators; changing demand for credit; the entry and exit of firms; the birth, learning, and death of citizens; changes in laws and government policies; imperfect information; generalized increasing returns to scale; random acts of impulse; weather and climate events; changes in disease patterns, and so on. The problem is not the use of mathematical modelling, but the kind of mathematical modelling used. Agent-based models (ABMs), objectoriented programming and greatly increased computer power however, are opening up a new frontier. Here a dynamic bargaining ABM is outlined as a basis for an alternative theory of value. A large but finite number of heterogeneous commodities and agents with differing degrees of market power are set in a spatial network. Returns to buyers and sellers are decided at each step in the value chain, and in each factor market, through the process of bargaining. Market power and its potential abuse against the poor and vulnerable are fundamental to how the bargaining dynamics play out. Ethics therefore lie at the very heart of economic analysis, the determination of prices and the distribution of wealth. The neoclassicals are right then that price is the enumeration of value at a particular time and place, but wrong to downplay the critical roles of bargaining, power and ethics in determining those same prices.

Social cognitive theory in technological innovation

Purpose – The aim of this paper is to understand the behavior that Australian youths have towards wireless application protocol (WAP) banking.

Design/methodology/approach – This paper is based on a quantitative study of the youth market in Australia. Social cognitive theory is utilized to support a conceptual model that is empirically tested.

Findings – The major finding from the research is that the conceptual model is partially supported which indicates the immaturity of WAP technology.

Originality/value – Social cognitive theory provides a useful explanation for youth’s intentions to use WAP technology in the banking industry. The youth market is an early adopter of technology that presents a good indicator of future market potential.

Rethinking political process in technological change : socio-technical configurations and frames

The political process perspective has done much to enhance our understanding of the organizational effects of technological change as a negotiated outcome reflecting the political and power dynamics of the adopting context. In so doing, we suggest, technology has been marginalized as an analytical category and the problem of change agency, although better understood, remains largely unresolved. This article addresses these issues through the articulation of the concepts of socio-technical configurations and technological frames and explores their utility in understanding change agency through an action research project. The project sought a novel form of 'socio-technology' transfer, taking ideas and concepts of 'human-centered' manufacturing embodied in team-based cellular manufacture from a European context into three firms in Australia.

Technological intimacy in haemodialysis nursing

Technology plays a major role in nursing care. Among the challenges for nurses is being able to maintain a patient focus while surrounded by highly complex technology. The provision of high quality nursing care in technologically complex environments is particularly challenging when nurses develop relationships with their patients over an extended period of time. In these environments the potential for intimate relationships can increase. This potential for intimacy is evident in the haemodialysis context where dialysis technology, nurses and patients interface. As nurses and patients can spend up to 20 hours per week together intimate relationships can develop. This paper identifies the challenges these dialysis nurses face and introduces the concept of technological intimacy. Technological intimacy can be defined as physical touching and self disclosure, associated with closeness and knowing, that is undertaken in the full view of others in a healthcare environment dominated by technology. In the haemodialysis context technological intimacy has been scarcely acknowledged and rarely researched. Further research will assist in guiding haemodialysis nursing practice.

Social cognitive theory in mobile banking innovations

This paper examines the behavior Australian youths have toward mobile banking. Social cognitive theory is the theoretical framework in which a conceptual model is empirically tested. The conceptual model includes five constructs (media, modeling, outcome expectancy, learning orientation and entrepreneurial orientation), which are proposed to influence an individual’s intention to adopt mobile banking. The conceptual model is tested in a sample of Australian youths and the analysis supports a portion of the proposed conceptual model. The findings support the link between the media and an individual’s entrepreneurial orientation with their intention to adopt mobile banking. The paper demonstrates how social cognitive theory is a useful foundation to understand the external and internal stimuli that influence an individual’s desire to adopt mobile banking.

Recent innovations in silk biomaterials

Silk contains a fibre forming protein, fibroin, which is biocompatible, particularly after removing the potentially immunogenic non-fibroin proteins. Silk can be engineered into a wide range of materials with diverse morphologies. Moreover, it is possible to regenerate fibroin with a desired amount of crystallinity, so that the biodegradation of silk materials can be controlled. These advantages have sparked new interest in the use of silk fibroin for biomedical applications, including tissue engineering scaffolds and carriers for sustained release of biologically active molecules. This article summarizes the current research related to the formation of silk materials with different morphologies, their biocompatibility, and examples of their biomedical applications. Recent work on the preparation of silk particles by mechanical milling and their applications in silk composite scaffolds is also discussed.

Teaching and learning innovations for postgraduate education in nursing

This paper begins with a literature review of blended learning approaches, including the creation of learning spaces in the online environment and the model of community of inquiry and collaborative learning promoted by Garrison and others. This model, comprising of three elements including ‘social presence’, ‘cognitive presence’ and ‘teaching presence’, guides academics in the development and delivery of quality programs designed to enhance each student’s experience of their course. The second part of this paper is the application of blended learning for the Deakin University Master of Nursing Practice (Nurse Practitioner), including a range of online independent learning activities, Elluminate Live use (a real time online program) and on-campus contact with students. The application of these flexible and innovative online modalities offered in this course, have been designed to promote quality learning experiences for students around their employment commitments and lifestyle factors. As an off-campus course, the Master of Nursing Practice (Nurse Practitioner) presents as a more flexible option for nurses residing in various parts of Australia. The three core elements of the model of community of inquiry and collaborative learning by Garrison and others have been integrated through online teaching and learning access and face-to-face contact for one day in two trimesters of the academic year. The success of blended learning approaches are underpinned by effective communication and interactions between both academics and students.

Innovations in knowledge processing and decision making in agent-based systems

This chapter introduces knowledge processing and decision making using agent-based technologies. The importance of creating effective and efficient computerized systems for extracting information and processing knowledge as well as for supporting decision making activities is highlighted. Then, an overview covering agent-based software tools and development methodologies, and usability and challenges of agent-based systems in industrial applications is presented. The contribution of each chapter included in this book is also described.

Click if you like this or occupy as spectacle : situationism and a technological derive

This performative, multi-media lecture re-reads Guy Debord’s book, The Society of the Spectacle (1967) with reference to the global Occupy movement, and the role social media and the Internet play in the facilitation and hindrance of this recent form of political activism. Debord claims that all ‘having’ — that is, all forms of accumulating capital — ‘derives its immediate prestige and its ultimate purpose from appearances’, and that individual reality, which is shaped by social forces, can ‘appear only if it is not actually real (Debord, thesis 18).’ Using the multiple functions and staggering proliferation of various image making technologies used to record and represent OCCUPY actions as a starting point, we respond to Debord’s proposition by examining the ways his analysis of the spectacle both enables and impedes a thorough critique of social media as a spectacular technology par excellence. Part reflective essay, part critical analysis, and part performance, ‘Click if You Like This’ connects various situationist strategies of ‘artistic interference’ — such as the dérive and détournement — with expanded cinema in order to generate a series of questions and provocations about the politics of place, the degradation of social space, networked images and the ubiquity of contemporary ‘spectacular’ technologies, which have colonized all forms of everyday life. This presentation questions whether contemporary forms and strategies of interference are the same as their historical precedents.