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Employment, Production and Consumption model: Patterns of phase transitions

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  • Lavička, H.
  • Lin, L.
  • Novotný, J.

Abstract

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.

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Bibliographic Info

Article provided by Elsevier in its journal Physica A: Statistical Mechanics and its Applications.

Volume (Year): 389 (2010)
Issue (Month): 8 ()
Pages: 1708-1720

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Handle: RePEc:eee:phsmap:v:389:y:2010:i:8:p:1708-1720

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Web page: http://www.journals.elsevier.com/physica-a-statistical-mechpplications/

Related research

Keywords: EPC; Agent based model; Phase transition; Monte Carlo method;

References

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  1. Abhijit Kar Gupta, 2005. "Money Exchange Model and a general Outlook," Papers physics/0505115, arXiv.org.
  2. Wright, Ian, 2005. "The social architecture of capitalism," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 346(3), pages 589-620.
  3. Wright, Ian, 2008. "Implicit Microfoundations for Macroeconomics," Economics Discussion Papers 2008-41, Kiel Institute for the World Economy.
  4. Adrian Dragulescu & Victor M. Yakovenko, 2000. "Statistical mechanics of money," Papers cond-mat/0001432, arXiv.org, revised Aug 2000.
  5. Lee, Jeong Won & Park, Joongwoo Brian & Jo, Hang-Hyun & Yang, Jae-Suk & Moon, Hie-Tae, 2009. "Minimum entropy density method for the time series analysis," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 388(2), pages 137-144.
  6. Cook, William & Ormerod, Paul, 2003. "Power law distribution of the frequency of demises of US firms," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 324(1), pages 207-212.
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