Patterns of consumption in socio-economic models with heterogeneous interacting agents

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We study consumption behaviour in systems with heterogeneous interacting agents. Two different models are introduced, respectively with long and short range interactions among agents. At any time step an agent decides whether or not to consume a good, doing so if this provides positive utility. Utility is affected by idiosyncratic preferences and costs as well as externalities from other agents. Agents are ranked in classes and recognize peer, distinction and aspiration groups. We simulate the system for different choices of the parameters and identify different complex patterns: a steady state regime with a variety of consumption modes of behaviour, and a wave/cycle regime. The cases of fad and value goods are both analyzed.
21 pages, 30 ps figures, uses revtex.sty, epsf.sty, aps.sty

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Statistical Mechanics, Disordered Systems and Neural Networks, General Finance

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http://salesiana.dossiersoluciones.com/handle/123456789/208881

Consulte el texto completo en el siguiente enlace:

https://arxiv.org/abs/cond-mat/9909131
 http://arxiv.org/abs/cond-mat/9909131

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arXiv