A Discussion of the Favorable Factors for the Economic System’s Utility Growth Rate

Lunhan Luo and Jianan Fang

Mathematical Problems in Engineering, 2013, vol. 2013, 1-8

Abstract:

Some virtual economic systems are constructed. The agents in the systems are linked crossover by different network structures and endowed with goods and the same symmetric Cobb-Douglas utility function. Their Cobb-Douglas utility growth rates (UGR) are compared with each other after the systems reach their eventual equilibriums. We try to discover how the network structures and how the endowments affect the UGR. Furthermore, the possible factors including group size, trade sequence, turnover, and number of trades are taken into account. Some but not all of the factors listed above may impact the UGR. The aim of this paper is to select the effective ones and try to improve the UGR by manipulating these factors. We discovered that the small-world network surpasses other networks to achieve the highest UGR. Besides, another way to improve UGR is to endow the agents with proper volume of goods.

Date: 2013
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Persistent link: https://EconPapers.repec.org/RePEc:hin:jnlmpe:410871

DOI: 10.1155/2013/410871

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