Limits on relief through constrained exchange on random graphs

Randall A. LaViolette, Lory A. Ellebracht and Charles J. Gieseler

Physica A: Statistical Mechanics and its Applications, 2007, vol. 383, issue 2, 671-676

Abstract: Agents are represented by nodes on a random graph (e.g., “small world”). Each agent is endowed with a zero-mean random value that may be either positive or negative. All agents attempt to find relief, i.e., to reduce the magnitude of that initial value, to zero if possible, through exchanges. The exchange occurs only between the agents that are linked, a constraint that turns out to dominate the results. The exchange process continues until Pareto equilibrium is achieved. Only 40–90% of the agents achieved relief on small-world graphs with mean degree between 2 and 40. Even fewer agents achieved relief on scale-free-like graphs with a truncated power-law degree distribution. The rate at which relief grew with increasing degree was slow, only at most logarithmic for all of the graphs considered; viewed in reverse, the fraction of nodes that achieve relief is resilient to the removal of links.

Keywords: Econophysics; Markets; Infrastructures; Networks; Complex systems; Resilience (search for similar items in EconPapers)
Date: 2007
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Persistent link: https://EconPapers.repec.org/RePEc:eee:phsmap:v:383:y:2007:i:2:p:671-676

DOI: 10.1016/j.physa.2007.04.066

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