CONDENSATION IN AN ECONOMIC MODEL WITH BRAND COMPETITION

DOI10.1142/S0129183106008832MaRDI QIDQ5481829zbMATH OpenOpenAlexFDO

Authors

Publication date 24 August 2006

Published in International Journal of Modern Physics C (Search for Journal in Brave)

Full work available at URL https://arxiv.org/abs/physics/0509240

zbMATH Keywords

econophysicscompetitioncomplex systemscondensation

Mathematics Subject Classification ID

Auctions, bargaining, bidding and selling, and other market models (91B26) Applications of statistical and quantum mechanics to economics (econophysics) (91B80) Agent technology and artificial intelligence (68T42)

Abstract: We present a linear agent based model on brand competition. Each agent belongs to one of the two brands and interacts with its nearest neighbors. In the process the agent can decide to change to the other brand if the move is beneficial. The numerical simulations show that the systems always condenses into a state when all agents belong to a single brand. We study the condensation times for different parameters of the model and the influence of different mechanisms to avoid condensation, like anti monopoly rules and brand fidelity.

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Cites work

• Elements for a theory of financial risks
• Introduction to Econophysics
• Optimal strategies for prudent investors

Cited in

(2)

• Multistability and path dependence in a dynamic brand competition model
• Diffusion of two brands in competition: cross-brand effect

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