User Manual Privacy Policy Disclaimer Contact us
  Advanced SearchBrowse




Journal Article

A model for the evolution of economic systems in social networks


Elgazzar,  A. S.
Max Planck Institute for the Physics of Complex Systems, Max Planck Society;

External Ressource
No external resources are shared
Fulltext (public)
There are no public fulltexts stored in PuRe
Supplementary Material (public)
There is no public supplementary material available

Elgazzar, A. S. (2002). A model for the evolution of economic systems in social networks. Physica A, 303(3-4), 543-551. Retrieved from http://www.sciencedirect.com/science?_ob=ArticleURL&_udi=B6TVG-44B20T5-3&_user=42421&_handle=W-WA-A-A-WB-MsSAYWA-UUA-AUCVWWEBYA-DWYZUAZD-WB-U&_fmt=summary&_coverDate=01%2F15%2F2002&_rdoc=21&_orig=browse&_srch=%23toc%235534%232002%23996969996%23279205!&_cdi=5534&view=c&_acct=C000002818&_version=1&_urlVersion=0&_userid=42421&md5=eb39f1e0f6cdbb8cc54fb5312649cc35.

Cite as: http://hdl.handle.net/11858/00-001M-0000-002B-3836-D
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. (C) 2002 Elsevier Science B.V. All rights reserved.