Use of time banking as a non-monetary component in agent-based computational models

Abstract

The current mainstream in economic research is intensively supplemented by new modelling paradigms that have been established only recently. Application of agent-based modelling in the realm of economic systems labelled as Agent-based Computational Economics (ACE) represents one rapidly evolving approaches. On the other hand, there is a lack of research focused on timebanks (TBs) as an economic concept. TBs are grounded in collaborative creation of value through (typically voluntary) exchange of timebanking credits, which represent worked hours for the benefit of TB community members. As a non-monetary concept of economic exchange of value, TB represent interesting complement to standard monetary systems. Effective utilization of TB concepts have potential to improve both social and economic standing of its community members, since TB membership allows access to services that would not be otherwise available. The idea of expanding agent-based economic models with timebanking component allows research and study of economic principles from the less traditional, and more novel perspective. Thus, timebanks represent the main research construct of this paper. This manuscript focuses on TBs definition and categorization and it develops TB in a form of general architecture utilizable in agent-based economic computational models.