Market Model with Heterogeneous Buyers

Matus Medo and Yi-Cheng Zhang

Papers from arXiv.org

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.

Date: 2007-12
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Published in Physica A 387, 2889-2908 (2008)

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