Integrating economic and psychological insights in binary choice models with social interactions

Simple item page
dc.creatorOstasiewicz, Katarzyna
dc.creatorTyc, Michal H.
dc.creatorGoliczewski, Piotr
dc.creatorMagnuszewski, Piotr
dc.creatorRadosz, Andrzej
dc.creatorSendzimir, Jan
dc.date2006-09-20
dc.date.accessioned2026-07-07T12:07:52Z
dc.date.available2026-07-07T12:07:52Z
dc.descriptionWe investigate a class of binary choice models with social interactions. We propose a unifying perspective that integrates economic models using a utility function and psychological models using an impact function. A general approach for analyzing the equilibrium structure of these models within mean-field approximation is developed. It is shown that within a mean-field approach both the utility function and the impact function models are equivalent to threshold models. The interplay between heterogeneity and randomness in model formulation is discussed. A general framework is applied in a number of examples leading to some well-known models but also showing the possibility of more complex dynamics related to multiple equilibria. Our synthesis can provide a basis for many practical applications extending the scope of binary choice models.
dc.description26 pages, 3 figures
dc.identifierhttps://arxiv.org/abs/physics/0609170
dc.identifierhttp://arxiv.org/abs/physics/0609170
dc.identifier.urihttp://salesiana.dossiersoluciones.com/handle/123456789/209124
dc.subjectPhysics and Society
dc.subjectGeneral Finance
dc.titleIntegrating economic and psychological insights in binary choice models with social interactions
dc.typetext

Files

Collections

arXiv