Cherry Picking: Consumer Choices in Swarm Dynamics, Considering Price and Quality of Goods
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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.
2013 ◽
Vol 21
(1)
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pp. 24-33
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2017 ◽
Vol 45
(12)
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pp. 1298-1316
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Keyword(s):
1996 ◽
Vol 5
(2)
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pp. 16-18
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