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Profit maximization, industry structure, and competition: A critique of neoclassical theory

Keen, Steve; Standish, Russell - In: Physica A: Statistical Mechanics and its Applications 370 (2006) 1, pp. 81-85

Neoclassical economics has two theories of competition between profit-maximizing firms—Marshallian and Cournot–Nash—that start from different premises about the degree of strategic interaction between firms, yet reach the same result, that market price falls as the number of firms in an...

Persistent link: https://www.econbiz.de/10011063597

Dynamics of market structure driven by the degree of consumer’s rationality

Yanagita, Tatsuo; Onozaki, Tamotsu - In: Physica A: Statistical Mechanics and its Applications 389 (2010) 5, pp. 1041-1054

We study a simple model of market share dynamics with boundedly rational consumers and firms interacting with each other. As the number of consumers is large, we employ a statistical description to represent firms’ distribution of consumer share, which is characterized by a single parameter...

Persistent link: https://www.econbiz.de/10010589225

On the proper behavior of atoms: A comment on a critique

Anglin, Paul - In: Physica A: Statistical Mechanics and its Applications 387 (2008) 1, pp. 277-280

neoclassical theory, Physica A 370 (2006) 81–85] suggests that the Cournot model, which is widely used in Economics, is …

Persistent link: https://www.econbiz.de/10010590952

Controlling chaos in an economic model

Chen, Liang; Chen, Guanrong - In: Physica A: Statistical Mechanics and its Applications 374 (2007) 1, pp. 349-358

A Cournot duopoly, with a bounded inverse demand function and different constant marginal production costs, can be modeled as a discrete-time dynamical system, which exhibits complex bifurcating and chaotic behaviors. Based on some essential features of the model, we show how bifurcation and...

Persistent link: https://www.econbiz.de/10010874609

How effective is advertising in duopoly markets?

Sznajd-Weron, K.; Weron, R. - In: Physica A: Statistical Mechanics and its Applications 324 (2003) 1, pp. 437-444

A simple Ising spin model which can describe the mechanism of advertising in a duopoly market is proposed. In contrast to other agent-based models, the influence does not flow inward from the surrounding neighbors to the center site, but spreads outward from the center to the neighbors. The...

Persistent link: https://www.econbiz.de/10011060519

Sex-oriented stable matchings of the marriage problem with correlated and incomplete information

Caldarelli, Guido; Capocci, Andrea; Laureti, Paolo - In: Physica A: Statistical Mechanics and its Applications 299 (2001) 1, pp. 268-272

In the stable marriage problem two sets of agents must be paired according to mutual preferences, which may happen to conflict. We present two generalizations of its sex-oriented version, aiming to take into account correlations between the preferences of agents and costly information. Their...

Persistent link: https://www.econbiz.de/10010872187

An evolutionary game theory model of binary opinion formation

Ding, Fei; Liu, Yun; Shen, Bo; Si, Xia-Meng - In: Physica A: Statistical Mechanics and its Applications 389 (2010) 8, pp. 1745-1752

, which could be hopefully described by cooperative games in the evolutionary game theory framework. This paper presents game … theory methods to model the formation of binary opinions: cooperative games are proposed to model the interaction rules of … game theory models show evolutionary results similar to traditional opinion models. Specially, the evolution of opinions …

Persistent link: https://www.econbiz.de/10010872421

k-Nearest-Neighbor interaction induced self-organized pedestrian counter flow

Ma, Jian; Song, Wei-guo; Zhang, Jun; Lo, Siu-ming; … - In: Physica A: Statistical Mechanics and its Applications 389 (2010) 10, pp. 2101-2117

A recent field study confirmed that animal crowd behavior is dominated by the interaction from the k-Nearest-Neighbors rather than all the neighbors in a given metric distance. For the reason that systems with local interaction perform similar self-organized phenomena, we in this paper build two...

Persistent link: https://www.econbiz.de/10011062508

Buyer feedback as a filtering mechanism for reputable sellers

Laureti, Paolo; Slanina, František; Yu, Yi-Kuo; Zhang, … - In: Physica A: Statistical Mechanics and its Applications 316 (2002) 1, pp. 413-429

We propose a continuum model for the description of buyer and seller dynamics in an Internet market. The relevant variables are the research effort of buyers and the sellers’ reputation building process. We show that, if a commercial website gives consumers the possibility to rate credibly...

Persistent link: https://www.econbiz.de/10011062944

Congestion schemes and Nash equilibrium in complex networks

Almendral, Juan A.; López, Luis; Cholvi, Vicent; … - In: Physica A: Statistical Mechanics and its Applications 355 (2005) 2, pp. 602-618

selfish manner. Then, a fundamental issue is to evaluate the impact of cheating. From the point of view of game theory, a Nash …

Persistent link: https://www.econbiz.de/10011063894