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

DOI10.1142/S0219525919500115arXiv1312.4321OpenAlexW2981952348MaRDI QIDQ6203318FDOQ6203318

Max-Olivier Hongler, Olivier Gallay, Author name not available (Why is that?)

Publication date: 27 March 2024

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

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.

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)

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Cited In (2)

• Mathematical model of the cyclic process of introducing new technologies
• Traveling-wave solution to the Schumpeterian dynamics with heterogeneous imitation

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