A model for the evolution of economic systems in social networks

A model for the evolution of economic systems is defined on a one-dimensional lattice using Pareto optimality. Pareto optimality is shown to maximize the total payoff of all agents in comparison to the Nash optimality. The small-world networks are found to be closer to the real social systems than both regular and random lattices. Then, the model is generalized to small-world networks that display different dynamics from the one-dimensional case.

MoreLess

Year of publication:	2002
Authors:	Elgazzar, A.S.
Published in:	Physica A: Statistical Mechanics and its Applications. - Elsevier, ISSN 0378-4371. - Vol. 303.2002, 3, p. 543-551
Publisher:	Elsevier
Subject:	Evolutionary economic models \| Social networks \| Pareto optimality

More details

Type of publication:	Article
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10010591222