IMITATION, PROXIMITY, AND GROWTH — A COLLECTIVE SWARM DYNAMICS APPROACH

DOI10.1142/S0219525919500115MaRDI QIDQ6203318zbMATH OpenOpenAlexFDO

Authors Olivier Gallay, Max-Olivier Hongler

Publication date 27 March 2024

Published in Advances in Complex Systems (Search for Journal in Brave)

Copyright license Creative Commons Attribution 4.0 International

Full work available at URL https://arxiv.org/abs/1312.4321

zbMATH Keywords

economic growthinteraction rangemean-field gamesimitation processgrowth regime transitioninnovation propagation

Mathematics Subject Classification ID

Game theory, economics, finance, and other social and behavioral sciences (91-XX)

Abstract: This paper is based on the premise that economic growth is driven by an interplay between innovation and imitation in an economy composed of interacting firms operating in a stochastic environment. A novel approach to modeling imitation is presented, based on range-dependent processes that describe how firms consider proximity when imitating peers who are found in a given neighborhood in terms of productivity. Using a particularly tractable approach, we are able to analyze how drastically different economic growth scenarios emerge from different imitation strategies. These emerging scenarios range from diffusive growth where the variance of productivity grows indefinitely, to balanced growth described by a traveling wave with fixed variance. The latter scenario is sustained only when imitation strength among firms exceeds a critical bifurcation threshold.

Cites work

• scientific article; zbMATH DE number 3824228 (Why is no real title available?)
• scientific article; zbMATH DE number 3936041 (Why is no real title available?)
• scientific article; zbMATH DE number 2146006 (Why is no real title available?)
• A Model of Growth Through Creative Destruction
• Catch-up and fall-back through innovation and imitation
• Computation of mean field equilibria in economics
• Diffusive–dispersive travelling waves and kinetic relations V. Singular diffusion and nonlinear dispersion
• Emergent Behavior in Flocks
• Entry, Exit, and firm Dynamics in Long Run Equilibrium
• Growth and the diffusion of ideas
• Hybrid Atlas models
• Innovation and Industry Evolution
• Innovation vs. imitation and the evolution of productivity distributions
• Local versus nonlocal barycentric interactions in 1D agent dynamics
• Long time average of mean field games with a nonlocal coupling
• Mean field games
• Mean field games and applications
• Mean field games equations with quadratic Hamiltonian: a specific approach
• Mean field games. I: The stationary case
• Mean field games. II: Finite horizon and optimal control
• Partial differential equation models in macroeconomics
• Probabilistic theory of mean field games with applications I. Mean field FBSDEs, control, and games
• Research and development in the growth process.
• Schumpeterian dynamics as a non-linear wave theory
• Selection, Growth, and the Size Distribution of Firms
• Synchronization of Coupled Oscillators is a Game
• Technology diffusion and growth
• ``Phase diagram of a mean field game

Cited in

(3)

• Conditions for the transformation of a diffusion wave into a traveling wave within the system of Burgers-type equations
• Mathematical model of the cyclic process of introducing new technologies
• Traveling-wave solution to the Schumpeterian dynamics with heterogeneous imitation

This page was built for publication: IMITATION, PROXIMITY, AND GROWTH — A COLLECTIVE SWARM DYNAMICS APPROACH

Report a bug (only for logged in users!)Click here to report a bug for this page (MaRDI item Q6203318)