Boom and bust in continuous time evolving economic model

Graeme Ackland; Lawrence Mitchell

doi:10.1140/epjb/e2009-00243-y

Boom and bust in continuous time evolving economic model

Graeme Ackland, Lawrence Mitchell

School of Physics and Astronomy

Research output: Contribution to journal › Article › peer-review

Abstract / Description of output

We show that a simple model of a spatially resolved evolving economic system, which has a steady state under simultaneous updating, shows stable oscillations in price when updated asynchronously. The oscillations arise from a gradual decline of the mean price due to competition among sellers competing for the same resource. This lowers profitability and hence population but is followed by a sharp rise as speculative sellers invade the large un-inhabited areas. This cycle then begins again.

Original language	English
Pages (from-to)	567-573
Number of pages	7
Journal	The European Physical Journal B
Volume	70
Issue number	4
DOIs	https://doi.org/10.1140/epjb/e2009-00243-y
Publication status	Published - Aug 2009

Keywords / Materials (for Non-textual outputs)

BUSINESS-CYCLE
LIFE
EQUILIBRIUM
COOPERATION
EVOLUTION

Access to Document

10.1140/epjb/e2009-00243-y

post-print from arXiv
Author's Post-print: author can archive post-print (ie final draft post-refereeing)
Accepted author manuscript, 248 KB

http://link.springer.com/article/10.1140%2Fepjb%2Fe2009-00243-y

Cite this

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title = "Boom and bust in continuous time evolving economic model",

abstract = "We show that a simple model of a spatially resolved evolving economic system, which has a steady state under simultaneous updating, shows stable oscillations in price when updated asynchronously. The oscillations arise from a gradual decline of the mean price due to competition among sellers competing for the same resource. This lowers profitability and hence population but is followed by a sharp rise as speculative sellers invade the large un-inhabited areas. This cycle then begins again.",

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AU - Mitchell, Lawrence

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AB - We show that a simple model of a spatially resolved evolving economic system, which has a steady state under simultaneous updating, shows stable oscillations in price when updated asynchronously. The oscillations arise from a gradual decline of the mean price due to competition among sellers competing for the same resource. This lowers profitability and hence population but is followed by a sharp rise as speculative sellers invade the large un-inhabited areas. This cycle then begins again.

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KW - LIFE

KW - EQUILIBRIUM

KW - COOPERATION

KW - EVOLUTION

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JO - The European Physical Journal B

JF - The European Physical Journal B

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ER -

Boom and bust in continuous time evolving economic model

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Keywords / Materials (for Non-textual outputs)

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NANIA: Novel approaches to Networks of Interacting Autonomes

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Boom and bust in continuous time evolving economic model

Abstract / Description of output

Keywords / Materials (for Non-textual outputs)

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Other files and links

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Projects

NANIA: Novel approaches to Networks of Interacting Autonomes

Cite this