Hayek's Catallaxy - A Forward Looking Concept for Information Systems?

Abstract

The mobile and increasingly ubiquitous use of information technology leads to more dynamic, constantly self-reconfiguring networks. Their services are available anytime and anywhere; as software agents, they can make local, context-aware decisions. F. A. von Hayek developed a theory for economic coordination based on individual decision making. This paper presents the explanation concepts of economic self-organization as at least one option for the design of decentralized coordination of information systems consisting of autonomous software agents with limited information processing capacity and incomplete information. Experiments using a multi-agent system show that a targeted change of this basic rule set directly influences the behavior of the individual elements and indirectly the behavior of the overall system.