Employment, Production and Consumption model: Patterns of phase transitions

Autor:	J. Novotný, L. Lin, Hynek Lavička
Rok vydání:	2010
Předmět:	Statistics and Probability Agent-based model Full employment Stochastic modelling Monte Carlo method Markov chain Monte Carlo Condensed Matter Physics symbols.namesake Econometrics symbols Dynamic Monte Carlo method Kinetic Monte Carlo Mathematical economics Monte Carlo molecular modeling
Zdroj:	Physica A: Statistical Mechanics and its Applications. 389:1708-1720
ISSN:	0378-4371
DOI:	10.1016/j.physa.2009.12.046
Popis:	We have simulated the model of Employment, Production and Consumption (EPC) using Monte Carlo. The EPC model is an agent based model that mimics very basic rules of industrial economy. From the perspective of physics, the nature of the interactions in the EPC model represents multi-agent interactions where the relations among agents follow the key laws for circulation of capital and money. Monte Carlo simulations of the stochastic model reveal phase transition in the model economy. The two phases are the phase with full unemployment and the phase with nearly full employment. The economy switches between these two states suddenly as a reaction to a slight variation in the exogenous parameter, thus the system exhibits strong non-linear behavior as a response to the change of the exogenous parameters.
Databáze:	OpenAIRE
Externí odkaz:	https://explore.openaire.eu/search/publication?articleId=doi_________::4741537fe08d9e2e18fc8a072fb39bcf https://doi.org/10.1016/j.physa.2009.12.046 Zobrazit plný text záznamu Full Text from ScienceDirect