Related papers: The Dynamics of Efficiency: A Simple Model
Demand outstrips available resources in most situations, which gives rise to competition, interaction and learning. In this article, we review a broad spectrum of multi-agent models of competition (El Farol Bar problem, Minority Game,…
We consider model social networks in which information propagates directionally across layers of rational agents. Each agent makes a locally optimal estimate of the state of the world, and communicates this estimate to agents downstream.…
We consider large but finite systems of identical agents on the line with up to next nearest neighbor asymmetric coupling. Each agent is modelled by a linear second order differential equation, linearly coupled to up to four of its…
Is transparency always beneficial in complex systems such as traffic networks and stock markets? How is transparency defined in multi-agent systems, and what is its optimal degree at which social welfare is highest? We take an agent-based…
As people coordinate in daily interactions, they engage in different patterns of behavior to achieve successful outcomes. This includes both synchrony - the temporal coordination of the same behaviors at the same time - and complementarity…
We show that a simple model of a spatially resolved evolving economic system, which has a steady state under simultaneous updating, shows stable oscillations in price when updated asynchronously. The oscillations arise from a gradual…
We study the informational efficiency of a market with a single traded asset. The price initially differs from the fundamental value, about which the agents have noisy private information (which is, on average, correct). A fraction of…
We consider a system in which a group of agents represented by the vertices of a graph synchronously update their opinion based on that of their neighbours. If each agent adopts a positive opinion if and only if that opinion is sufficiently…
We present a dynamical model of web site growth in order to explore the effects of competition among web sites and to determine how they affect the nature of markets. We show that under general conditions, as the competition between sites…
Multi-Agent Reinforcement Learning involves agents that learn together in a shared environment, leading to emergent dynamics sensitive to initial conditions and parameter variations. A Dynamical Systems approach, which studies the evolution…
We consider a one-sided assignment market or exchange network with transferable utility and propose a model for the dynamics of bargaining in such a market. Our dynamical model is local, involving iterative updates of 'offers' based on…
People organize in groups and contagions spread across them. A simple stochastic process, yet complex to model due to dynamical correlations within and between groups. Moreover, groups can evolve if agents join or leave in response to…
Regardless of a system's complexity or scale, its growth can be considered to be a spontaneous thermodynamic response to a local convergence of down-gradient material flows. Here it is shown how growth can be constrained to a few distinct…
Persistent economic competition is often justified as a mechanism of innovation, efficiency, and welfare maximization. Yet empirical evidence across disciplines reveals that competition systematically generates fragility, inequality, and…
We investigate knowledge exchange among commercial organisations, the rationale behind it and its effects on the market. Knowledge exchange is known to be beneficial for industry, but in order to explain it, authors have used high level…
A simple generative model of a foraging society generates significant wealth inequalities from identical agents on an equal opportunity landscape. These inequalities arise in both equilibrium and non-equilibrium regimes with some societies…
We present a hybrid systems framework for distributed multi-agent optimization in which agents execute computations in continuous time and communicate in discrete time. The optimization algorithm is analogous to a continuous-time form of…
Societies experience politically stable and unstable phases along history, whereas political power is usually passed to new elite groups by these changes. Structural dynamics of the elites in a society have been proposed to be one of the…
Participants in socio-economic systems are often ranked based on their performance. Rankings conveniently reduce the complexity of such systems to ordered lists. Yet, it has been shown in many contexts that those who reach the top are not…
This paper develops a set of simplified dynamical models with which to explore the conditions under which division of labor leads to optimized system output, as measured by the rate of production of a given product. We consider two models:…