A model for the evolution of economic systems in social networks

A.S. Elgazzar

Physica A: Statistical Mechanics and its Applications, 2002, vol. 303, issue 3, 543-551

Abstract: A model for the evolution of economic systems is defined on a one-dimensional lattice using Pareto optimality. Pareto optimality is shown to maximize the total payoff of all agents in comparison to the Nash optimality. The small-world networks are found to be closer to the real social systems than both regular and random lattices. Then, the model is generalized to small-world networks that display different dynamics from the one-dimensional case.

Keywords: Evolutionary economic models; Social networks; Pareto optimality (search for similar items in EconPapers)
Date: 2002
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Persistent link: https://EconPapers.repec.org/RePEc:eee:phsmap:v:303:y:2002:i:3:p:543-551

DOI: 10.1016/S0378-4371(01)00507-6

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