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Even though people in our contemporary, technological society are depending on communication, our understanding of the underlying laws of human communicational behavior continues to be poorly understood. Here we investigate the…
Conventional economic and socio-behavioural models assume perfect symmetric access to information and rational behaviour among interacting agents in a social system. However, real-world events and observations appear to contradict such…
In this paper we analyze the gravity model in the world passenger air-transport network. We show that in the standard form the model is inadequate to correctly describe the relationship between passenger flows and typical geo-economic…
Many collective decision-making settings feature a strategic tension between agents acting out of individual self-interest and promoting a common good. These include wearing face masks during a pandemic, voting, and vaccination. Networked…
Strategic interactions between a group of individuals or organisations can be modelled as games played on networks, where a player's payoff depends not only on their actions but also on those of their neighbours. Inferring the network…
Social physics is the application of ideas, concepts and tools from physics to study social phenomena. In this article, we present a mechanical theory underlying a mathematical treatment of social physics. We explore the possibility of…
In this work we study spin-glass (SG) like behavior in the dynamics of multiple agents in a social or economic context using interactions which are similar to the physical case. The different preferences shown by individual agents are…
We use the Minority Game as a testing frame for the problem of the emergence of diversity in socio-economic systems. For the MG with heterogeneous impacts, we show that the direct generalization of the usual agents' profit does not fit some…
Economic engineering is a new field wherein economic systems are modelled in the same manner as traditional mechanical and electrical engineering systems. In this paper, we use Newton's theory of motion as the basis for the theory of…
Threshold-driven models and game theory are two fundamental paradigms for describing human interactions in social systems. However, in mimicking social contagion processes, models that simultaneously incorporate these two mechanisms have…
This paper investigates interaction among residential electricity users and utility company in a distribution network with the capability of two-way communication provided by smart grid. The energy consumption scheduling of electricity…
The basic optimal transportation problem consists in finding the most effective way of moving masses from one location to another, while minimizing the transportation cost. Such concept has been found to be useful to understand various…
It was conjectured thirty years ago that gravity could arise from the entropic re-arrangement of information. In this paper, we offer a set of microscopic quantum models which realize this idea in detail. In particular, we suggest a simple…
There is a widespread recent interest in using ideas from statistical physics to model certain types of problems in economics and finance. The main idea is to derive the macroscopic behavior of the market from the random local interactions…
Autonomous agents can adopt socially-aware behaviors to reduce social costs, mimicking the way animals interact in nature and humans in society. We present a new approach to model socially-aware decision-making that includes two key…
We show that energy concepts can contribute to the understanding of human travel behaviour. First, the average travel times for different modes of transportation are inversely proportional to the energy consumption rates measured for the…
A perfectly rational decision-maker chooses the best action with the highest utility gain from a set of possible actions. The optimality principles that describe such decision processes do not take into account the computational costs of…
Competition has been introduced in the electricity markets with the goal of reducing prices and improving efficiency. The basic idea which stays behind this choice is that, in competitive markets, a greater quantity of the good is exchanged…
Perfectly rational decision-makers maximize expected utility, but crucially ignore the resource costs incurred when determining optimal actions. Here we employ an axiomatic framework for bounded rational decision-making based on a…
This is the first paper in a series devoted to understanding the classical and quantum nature of edge modes and symmetries in gravitational systems. The goal of this analysis is to: i) achieve a clear understanding of how different…