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Indirect competition emerged from the complex organization of human societies, and knowledge of the existing network topology may aid in developing effective strategies for success. Here, we propose an agent-based model of competition with systems co-existing in a `small-world social network. We show that within the range of parameter values obtained from the model and empirical data, the network evolution is highly dependent on $k$, the local parameter describing the density of neighbors in the network. The model applied to language death and competition of telecommunication companies show strong correspondence with empirical data.
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One dimensional stylized model taking into account spatial activity of firms with uniformly distributed customers is proposed. The spatial selling area of each firm is defined by a short interval cut out from selling space (large interval). In this representation, the firm size is directly associated with the size of its selling interval. The recursive synchronous dynamics of economic evolution is discussed where the growth rate is proportional to the firm size incremented by the term including the overlap of the selling area with areas of competing firms. Other words, the overlap of selling areas inherently generate a negative feedback originated from the pattern of demand. Numerical simulations focused on the obtaining of the firm size distributions uncovered that the range of free parameters where the Paretos law holds corresponds to the range for which the pair correlation between the nearest neighbor firms attains its minimum.
An agent-based model for firms dynamics is developed. The model consists of firm agents with identical characteristic parameters and a bank agent. Dynamics of those agents is described by their balance sheets. Each firm tries to maximize its expected profit with possible risks in market. Infinite growth of a firm directed by the profit maximization principle is suppressed by a concept of going concern. Possibility of bankruptcy of firms is also introduced by incorporating a retardation effect of information on firms decision. The firms, mutually interacting through the monopolistic bank, become heterogeneous in the course of temporal evolution. Statistical properties of firms dynamics obtained by simulations based on the model are discussed in light of observations in the real economy.
Urban housing markets, along with markets of other assets, universally exhibit periods of strong price increases followed by sharp corrections. The mechanisms generating such non-linearities are not yet well understood. We develop an agent-based model populated by a large number of heterogeneous households. The agents behavior is compatible with economic rationality, with the trend-following behavior found to be essential in replicating market dynamics. The model is calibrated using several large and distributed datasets of the Greater Sydney region (demographic, economic and financial) across three specific and diverse periods since 2006. The model is not only capable of explaining price dynamics during these periods, but also reproduces the novel behavior actually observed immediately prior to the market peak in 2017, namely a sharp increase in the variability of prices. This novel behavior is related to a combination of trend-following aptitude of the household agents (rational herding) and their propensity to borrow.
In this work, using a detailed dataset furnished by National Health Authorities concerning the Province of Pavia (Lombardy, Italy), we propose to determine the essential features of the ongoing COVID-19 pandemic in term of contact dynamics. Our contribution is devoted to provide a possible planning of the needs of medical infrastructures in the Pavia Province and to suggest different scenarios about the vaccination campaign which possibly help in reducing the fatalities and/or reducing the number of infected in the population. The proposed research combines a new mathematical description of the spread of an infectious diseases which takes into account both age and average daily social contacts with a detailed analysis of the dataset of all traced infected individuals in the Province of Pavia. These information are used to develop a data-driven model in which calibration and feeding of the model are extensively used. The epidemiological evolution is obtained by relying on an approach based on statistical mechanics. This leads to study the evolution over time of a system of probability distributions characterizing the age and social contacts of the population. One of the main outcomes shows that, as expected, the spread of the disease is closely related to the mean number of contacts of individuals. The model permits to forecast thanks to an uncertainty quantification approach and in the short time horizon, the average number and the confidence bands of expected hospitalized classified by age and to test different options for an effective vaccination campaign with age-decreasing priority.
This article aims at reviewing recent empirical and theoretical developments usually grouped under the term Econophysics. Since its name was coined in 1995 by merging the words Economics and Physics, this new interdisciplinary field has grown in various directions: theoretical macroeconomics (wealth distributions), microstructure of financial markets (order book modelling), econometrics of financial bubbles and crashes, etc. In the first part of the review, we discuss on the emergence of Econophysics. Then we present empirical studies revealing statistical properties of financial time series. We begin the presentation with the widely acknowledged stylized facts which describe the returns of financial assets- fat tails, volatility clustering, autocorrelation, etc.- and recall that some of these properties are directly linked to the way time is taken into account. We continue with the statistical properties observed on order books in financial markets. For the sake of illustrating this review, (nearly) all the stated facts are reproduced using our own high-frequency financial database. Finally, contributions to the study of correlations of assets such as random matrix theory and graph theory are presented. In the second part of the review, we deal with models in Econophysics through the point of view of agent-based modelling. Amongst a large number of multi-agent-based models, we have identified three representative areas. First, using previous work originally presented in the fields of behavioural finance and market microstructure theory, econophysicists have developed agent-based models of order-driven markets that are extensively presented here. Second, kinetic theory models designed to explain some empirical facts on wealth distribution are reviewed. Third, we briefly summarize game theory models by reviewing the now classic minority game and related problems.
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