A Statistical Equilibrium Representation of Markets as Complex Networks

Leonardo Bargigli (), Andrea Lionetto and Stefano Viaggiu
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Stefano Viaggiu: DISEI, Università degli Studi di Firenze

Working Papers - Economics from Universita' degli Studi di Firenze, Dipartimento di Scienze per l'Economia e l'Impresa

Abstract: We represent an exchange economy in terms of statistical ensembles for complex networks by introducing the concept of market configuration. In this way, starting from economic reasoning, we obtain a sound interpretation of the typical network variables in terms of thermodynamic quantities together with a strong consistency with microeconomic theory, and in particular with Walrasian general equilibrium theory. In our formalism, naturally arises the interpretation of the temperature T as a quantification of economic disequilibrium, which can indeed coexist with statistical equilibrium.

Pages: 25 pages
Date: 2013
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Citations: View citations in EconPapers (5)

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