EMPLOYMENT, PRODUCTION AND CONSUMPTION WITH RANDOM UPDATE: NON-EQUILIBRIUM STATIONARY STATE EQUATIONS

EMPLOYMENT, PRODUCTION AND CONSUMPTION WITH RANDOM UPDATE: NON-EQUILIBRIUM STATIONARY STATE EQUATIONS

In this work, we investigate the Model of Employment, Production and Consumption, as introduced in a series of papers by I. Wright [1–3] from the perspective of statistical physics, and we focus on the presence of equilibrium. The model itself belongs to the class of multi-agent computational models...

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Main Authors: Hynek Lavička, Jan Novotný
Format: Article
Language:English
Published: CTU Central Library 2013-12-01
Series:Acta Polytechnica
Online Access:https://ojs.cvut.cz/ojs/index.php/ap/article/view/2012
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spelling doaj-27db34d8e067463198bf7323d5b48c8b2020-11-24T22:21:02ZengCTU Central LibraryActa Polytechnica1210-27091805-23632013-12-0153610.14311/AP.2013.53.08472000EMPLOYMENT, PRODUCTION AND CONSUMPTION WITH RANDOM UPDATE: NON-EQUILIBRIUM STATIONARY STATE EQUATIONSHynek Lavička0Jan Novotný1Czech Technical University in Prague, Faculty of Nuclear Sciences and Physical Engineering, Department of Physics, Brehová 7, CZ-115 19 Praha 1; Bogolyubov Laboratory of Theoretical Physics, Joint Institute of Nuclear Research, 141980 Dubna, RussiaCentre for Econometric Analysis, Faculty of Finance, Cass Business School, City University London, 106 Bunhill Row, London, EC1Y 8TZ; CERGE-EI, Charles University, Politickych veznu 936/7, 11000 Prague 1-New Town, Czech RepublicIn this work, we investigate the Model of Employment, Production and Consumption, as introduced in a series of papers by I. Wright [1–3] from the perspective of statistical physics, and we focus on the presence of equilibrium. The model itself belongs to the class of multi-agent computational models, which aim to explain macro-economic behavior using explicit micro-economic interactions.<br />Based on the mean-field approximation, we form the Fokker-Plank equation(s) and then formulate conditions forming the stationary solution, which results in a system of non-linear integral-differential equations. This approximation then allows the presence of non-equilibrium stationary states, where the model is a mixed additive-multiplicative model.https://ojs.cvut.cz/ojs/index.php/ap/article/view/2012
collection DOAJ
language English
format Article
sources DOAJ
author Hynek Lavička
Jan Novotný
spellingShingle Hynek Lavička
Jan Novotný
EMPLOYMENT, PRODUCTION AND CONSUMPTION WITH RANDOM UPDATE: NON-EQUILIBRIUM STATIONARY STATE EQUATIONS
Acta Polytechnica
author_facet Hynek Lavička
Jan Novotný
author_sort Hynek Lavička
title EMPLOYMENT, PRODUCTION AND CONSUMPTION WITH RANDOM UPDATE: NON-EQUILIBRIUM STATIONARY STATE EQUATIONS
title_short EMPLOYMENT, PRODUCTION AND CONSUMPTION WITH RANDOM UPDATE: NON-EQUILIBRIUM STATIONARY STATE EQUATIONS
title_full EMPLOYMENT, PRODUCTION AND CONSUMPTION WITH RANDOM UPDATE: NON-EQUILIBRIUM STATIONARY STATE EQUATIONS
title_fullStr EMPLOYMENT, PRODUCTION AND CONSUMPTION WITH RANDOM UPDATE: NON-EQUILIBRIUM STATIONARY STATE EQUATIONS
title_full_unstemmed EMPLOYMENT, PRODUCTION AND CONSUMPTION WITH RANDOM UPDATE: NON-EQUILIBRIUM STATIONARY STATE EQUATIONS
title_sort employment, production and consumption with random update: non-equilibrium stationary state equations
publisher CTU Central Library
series Acta Polytechnica
issn 1210-2709
1805-2363
publishDate 2013-12-01
description In this work, we investigate the Model of Employment, Production and Consumption, as introduced in a series of papers by I. Wright [1–3] from the perspective of statistical physics, and we focus on the presence of equilibrium. The model itself belongs to the class of multi-agent computational models, which aim to explain macro-economic behavior using explicit micro-economic interactions.<br />Based on the mean-field approximation, we form the Fokker-Plank equation(s) and then formulate conditions forming the stationary solution, which results in a system of non-linear integral-differential equations. This approximation then allows the presence of non-equilibrium stationary states, where the model is a mixed additive-multiplicative model.
url https://ojs.cvut.cz/ojs/index.php/ap/article/view/2012
work_keys_str_mv AT hyneklavicka employmentproductionandconsumptionwithrandomupdatenonequilibriumstationarystateequations
AT jannovotny employmentproductionandconsumptionwithrandomupdatenonequilibriumstationarystateequations
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