Cherry Picking: Consumer Choices in Swarm Dynamics, Considering Price and Quality of Goods
This paper proposes a further development of the mathematical theory of swarms to behavioral dynamics of social and economic systems, with an application to the modeling of price series in a market. The complexity features of the system are properly described by modeling the asymmetric interactions...
| Main Authors: | , , |
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| Format: | Article |
| Language: | English |
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MDPI AG
2020-11-01
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| Series: | Symmetry |
| Subjects: | |
| Online Access: | https://www.mdpi.com/2073-8994/12/11/1912 |
| _version_ | 1797547245365624832 |
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| author | Damian Knopoff Valeria Secchini Pietro Terna |
| author_facet | Damian Knopoff Valeria Secchini Pietro Terna |
| author_sort | Damian Knopoff |
| collection | DOAJ |
| description | This paper proposes a further development of the mathematical theory of swarms to behavioral dynamics of social and economic systems, with an application to the modeling of price series in a market. The complexity features of the system are properly described by modeling the asymmetric interactions between buyers and sellers, specifically considering the so-called cherry picking phenomenon, by which not only prices but also qualities are considered when buying a good. Finally, numerical simulations are performed to depict the predictive ability of the model and to show interesting emerging behaviors, as the coordination of buyers and their division in endogenous clusters. |
| first_indexed | 2024-03-10T14:41:34Z |
| format | Article |
| id | doaj.art-04d138f397dc4d248a6405f2910bc3e2 |
| institution | Directory Open Access Journal |
| issn | 2073-8994 |
| language | English |
| last_indexed | 2024-03-10T14:41:34Z |
| publishDate | 2020-11-01 |
| publisher | MDPI AG |
| record_format | Article |
| series | Symmetry |
| spelling | doaj.art-04d138f397dc4d248a6405f2910bc3e22023-11-20T21:43:43ZengMDPI AGSymmetry2073-89942020-11-011211191210.3390/sym12111912Cherry Picking: Consumer Choices in Swarm Dynamics, Considering Price and Quality of GoodsDamian Knopoff0Valeria Secchini1Pietro Terna2CIEM CONICET and FaMAF, National University of Cordoba, 5000 Córdoba, ArgentinaSchool of Science of Nature, University of Torino, 10100 Torino, ItalySchool of Economics, University of Torino, 10100 Torino, ItalyThis paper proposes a further development of the mathematical theory of swarms to behavioral dynamics of social and economic systems, with an application to the modeling of price series in a market. The complexity features of the system are properly described by modeling the asymmetric interactions between buyers and sellers, specifically considering the so-called cherry picking phenomenon, by which not only prices but also qualities are considered when buying a good. Finally, numerical simulations are performed to depict the predictive ability of the model and to show interesting emerging behaviors, as the coordination of buyers and their division in endogenous clusters.https://www.mdpi.com/2073-8994/12/11/1912kinetic theorysocial dynamicsactive particlesswarm theoryprice formationcherry picking |
| spellingShingle | Damian Knopoff Valeria Secchini Pietro Terna Cherry Picking: Consumer Choices in Swarm Dynamics, Considering Price and Quality of Goods Symmetry kinetic theory social dynamics active particles swarm theory price formation cherry picking |
| title | Cherry Picking: Consumer Choices in Swarm Dynamics, Considering Price and Quality of Goods |
| title_full | Cherry Picking: Consumer Choices in Swarm Dynamics, Considering Price and Quality of Goods |
| title_fullStr | Cherry Picking: Consumer Choices in Swarm Dynamics, Considering Price and Quality of Goods |
| title_full_unstemmed | Cherry Picking: Consumer Choices in Swarm Dynamics, Considering Price and Quality of Goods |
| title_short | Cherry Picking: Consumer Choices in Swarm Dynamics, Considering Price and Quality of Goods |
| title_sort | cherry picking consumer choices in swarm dynamics considering price and quality of goods |
| topic | kinetic theory social dynamics active particles swarm theory price formation cherry picking |
| url | https://www.mdpi.com/2073-8994/12/11/1912 |
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