23 May 2005 On the interplay between fluctuations and efficiency in a model economy with heterogeneous adaptive consumers (Invited Paper)
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Proceedings Volume 5848, Noise and Fluctuations in Econophysics and Finance; (2005) https://doi.org/10.1117/12.618904
Event: SPIE Third International Symposium on Fluctuations and Noise, 2005, Austin, Texas, United States
Abstract
We discuss the stationary states of a model economy in which N heterogeneous adaptive consumers purchase commodity bundles repeatedly from P sellers. The system undergoes a transition from an inefficient to an efficient state as the number of consumers increases. In the latter phase, however, price fluctuations may be much larger than in the inefficient regime. Results from dynamical mean-field theory obtained in the 'thermodynamic limit' compare fairly well with computer simulations.
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Andrea De Martino, Andrea De Martino, Matteo Marsili, Matteo Marsili, "On the interplay between fluctuations and efficiency in a model economy with heterogeneous adaptive consumers (Invited Paper)", Proc. SPIE 5848, Noise and Fluctuations in Econophysics and Finance, (23 May 2005); doi: 10.1117/12.618904; https://doi.org/10.1117/12.618904
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