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Social Dynamics: TheorY AND Applications

In: Handbook of Computational Economics

Author

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  • Young, H. Peyton

Abstract

Agent-based models typically involve large numbers of interacting individuals with widely differing characteristics, rules of behavior, and sources of information. The dynamics of such systems can be extremely complex due to their high dimensionality. This chapter discusses a general method for rigorously analyzing the long-run behavior of such systems using the theory of large deviations in Markov chains. The theory highlights certain qualitative features that distinguish agent-based models from more conventional types of equilibrium analysis. Among these distinguishing features are: local conformity versus global diversity, punctuated equilibrium, and the persistence of particular states in the presence of random shocks. These ideas are illustrated through a variety of examples, including competition between technologies, models of sorting and segregation, and the evolution of contractual customs.

Suggested Citation

  • Young, H. Peyton, 2006. "Social Dynamics: TheorY AND Applications," Handbook of Computational Economics, in: Leigh Tesfatsion & Kenneth L. Judd (ed.), Handbook of Computational Economics, edition 1, volume 2, chapter 22, pages 1081-1108, Elsevier.
    • Handle: RePEc:eee:hecchp:2-22
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    Cited by:

    1. Sanjit Dhami, 2023. "Green Technology Adoption, Complexity, and the Role of Public Policy: A Simple Theoretical Model," CESifo Working Paper Series 10364, CESifo.
    2. Cui, Zhiwei & Zhai, Jian, 2010. "Escape dynamics and equilibria selection by iterative cycle decomposition," Journal of Mathematical Economics, Elsevier, vol. 46(6), pages 1015-1029, November.
    3. Jia-Ping Huang & Yang Zhang & Juanxi Wang, 2023. "Dynamic effects of social influence on asset prices," Journal of Economic Interaction and Coordination, Springer;Society for Economic Science with Heterogeneous Interacting Agents, vol. 18(3), pages 671-699, July.
    4. Hoffmann, Karl Heinz & Salamon, Peter, 2011. "Accuracy of coarse grained Markovian dynamics," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 390(18), pages 3086-3094.
    5. Harting, Philipp & Radi, Davide, 2020. "Residential segregation: The role of inequality and housing subsidies," Journal of Economic Behavior & Organization, Elsevier, vol. 178(C), pages 801-819.

    More about this item

    JEL classification:

    • C63 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Computational Techniques

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