Related papers: The relationship between general equilibrium model…
Models of many-species ecosystems, such as the Lotka-Volterra and replicator equations, suggest that these systems generically exhibit near-extinction processes, where population sizes go very close to zero for some time before rebounding,…
An equation for the evolution of the distribution of wealth in a population of economic agents making binary transactions with a constant total amount of "money" has recently been proposed by one of us (RLR). This equation takes the form of…
In [1] we presented a model for transactions when goods are given away in the expectation of a later settlement. In settings where people keep track of their social accounts we were able to redefine concepts like account balance, yield…
We show that, with indivisible goods, the existence of competitive equilibrium fundamentally depends on agents' substitution effects, not their income effects. Our Equilibrium Existence Duality allows us to transport results on the…
In this paper, we study multi-agent systems with decentralized resource allocations. Agents have local demand and resource supply, and are interconnected through a network designed to support sharing of the local resource; and the network…
The first-order phase transition of $O(3)$ symmetric model is considered in the limit of high temperature. It is shown that this model supports a new bubble solution where the global monopole is formed at the center of the buble in addition…
The article develops a general equilibrium model where power relations are central in the determination of unemployment, profitability, and income distribution. The paper contributes to the market forces versus institutions debate by…
We investigate aging in glassy systems based on a simple model, where a point in configuration space performs thermally activated jumps between the minima of a random energy landscape. The model allows us to show explicitly a subaging…
We study the continuous time Kyle-Back model with a risk averse informed trader.We show that in a market with multiple assets and non-Gaussian prices an equilibrium exists. The equilibrium is constructed by considering a Fokker-Planck…
We present a detailed study of simple `tree' models for off equilibrium dynamics and aging in glassy systems. The simplest tree describes the landscape of a random energy model, whereas multifurcating trees occur in the solution of the…
We study the occurrence of limit cycles from a point on the discontinuity hyperplane $L$ between two smooth vector fields where the two vector fields both point towards one another. Generically, such a point (called switched equilibrium in…
Neutral models for the dynamics of a system of competing species are used, nowadays, to describe a wide variety of empirical communities. These models are used in many situations, ranging from population genetics and ecological biodiversity…
Though limited in real-world decision making, most multi-agent reinforcement learning (MARL) models assume perfectly rational agents -- a property hardly met due to individual's cognitive limitation and/or the tractability of the decision…
This paper is concerned with general spatially explicit versions of three stochastic models for the dynamics of money that have been introduced and studied numerically by statistical physicists: the uniform reshuffling model, the immediate…
We introduce the $\gamma$-model, a predictive model of environment dynamics with an infinite probabilistic horizon. Replacing standard single-step models with $\gamma$-models leads to generalizations of the procedures central to model-based…
The increasing difficulties in financing the welfare state and in particular public retirement pensions have been one of the outcomes both of the decrease of fertility and birth rates combined with the increase of life expectancy. The…
Eternal inflation is a seemingly generic consequence of theories that give rise to accelerated expansion of the universe and possess multiple vacuum states. Making predictions in an eternally inflating universe is notoriously difficult…
Employing a two-species Cahn-Hilliard model with nonreciprocal interactions we show that the interplay of nonreciprocity and conservation laws results in the robust coexistence of uniform stationary and oscillatory phases as well as of…
In this work, we develop an equilibrium model for price formation of securities in a market composed of two populations of different types: the first one consists of cooperative agents, while the other one consists of non-cooperative…
The theory of continuous phase transitions predicts the universal collective properties of a physical system near a critical point, which for instance manifest in characteristic power-law behaviours of physical observables. The…