A model of coupled maps for economic dynamics

A deterministic system of coupled maps is proposed as a model for economic activity among interacting agents. The values of the maps represent the wealth of the agents. The dynamics of the system is controlled by two parameters. One parameter expresses the growth capacity of the agents and the other...

Full description

Saved in:
Bibliographic Details
Published in:The European physical journal. ST, Special topics Special topics, 2007-04, Vol.143 (1), p.241-243
Main Authors: Sánchez, J. R., González-Estévez, J., López-Ruiz, R., Cosenza, M. G.
Format: Article
Language:English
Citations: Items that this one cites
Items that cite this one
Online Access:Get full text
Tags: Add Tag
No Tags, Be the first to tag this record!
Description
Summary:A deterministic system of coupled maps is proposed as a model for economic activity among interacting agents. The values of the maps represent the wealth of the agents. The dynamics of the system is controlled by two parameters. One parameter expresses the growth capacity of the agents and the other describes the local environmental pressure. For some values of the parameters, the system exhibits nontrivial collective behavior, characterized by macroscopic periodic oscillations of the average wealth of the system, emerging out of local chaos. The probability distribution of wealth in the asymptotic regime shows a power law behavior for some ranges of parameters.
ISSN:1951-6355
1951-6401
DOI:10.1140/epjst/e2007-00094-x