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Adjustment and social choice

✍ Scribed by Gérard Weisbuch; Dietrich Stauffer

Publisher
Elsevier Science
Year
2003
Tongue
English
Weight
179 KB
Volume
323
Category
Article
ISSN
0378-4371

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✦ Synopsis

We discuss the in uence of information contagion on the dynamics of choices in social networks of heterogeneous buyers. Starting from an inhomogeneous cellular automata model of buyers dynamics, we show that when agents try to adjust their reservation price, the tatonnement process does not converge to equilibrium at some intermediate market share and that large amplitude uctuations are actually observed. When the tatonnement dynamics is slow with respect to the contagion dynamics, large periodic oscillations reminiscent of business cycles appear.

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