A model for the evolution of economic systems in social networks

Elgazzar, A. S.

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A model for the evolution of economic systems in social networks

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Elgazzar, A. S.
Max Planck Institute for the Physics of Complex Systems, Max Planck Society;

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Elgazzar, A. S. (2002). A model for the evolution of economic systems in social networks. Physica A, 303(3-4), 543-551. Retrieved from http://www.sciencedirect.com/science?_ob=ArticleURL&_udi=B6TVG-44B20T5-3&_user=42421&_handle=W-WA-A-A-WB-MsSAYWA-UUA-AUCVWWEBYA-DWYZUAZD-WB-U&_fmt=summary&_coverDate=01%2F15%2F2002&_rdoc=21&_orig=browse&_srch=%23toc%235534%232002%23996969996%23279205!&_cdi=5534&view=c&_acct=C000002818&_version=1&_urlVersion=0&_userid=42421&md5=eb39f1e0f6cdbb8cc54fb5312649cc35.

Cite as: https://hdl.handle.net/11858/00-001M-0000-002B-3836-D

Abstract

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. (C) 2002 Elsevier Science B.V. All rights reserved.