Market model with heterogeneous buyers

Matúš Medo and Yi-Cheng Zhang

Physica A: Statistical Mechanics and its Applications, 2008, vol. 387, issue 12, 2889-2908

Abstract: In market modeling, one often treats buyers as a homogeneous group. In this paper we consider buyers with heterogeneous preferences and products available in many variants. Such a framework allows us to successfully model various market phenomena. In particular, we investigate how is the vendor’s behavior influenced by the amount of available information and by the presence of correlations in the system.

Keywords: Market model; Supply–demand law; Correlations; Matching problem (search for similar items in EconPapers)
Date: 2008
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Citations: View citations in EconPapers (5)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:phsmap:v:387:y:2008:i:12:p:2889-2908

DOI: 10.1016/j.physa.2008.01.008

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