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Market Model with Heterogeneous Buyers

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  • Matus Medo
  • Yi-Cheng Zhang

Abstract

In market modeling, one often treats buyers as a homogeneous group. In this paper we consider buyers with heterogeneous preferences and products available in many variants. Such a framework allows us to successfully model various market phenomena. In particular, we investigate how is the vendor's behavior influenced by the amount of available information and by the presence of correlations in the system.

Suggested Citation

  • Matus Medo & Yi-Cheng Zhang, 2007. "Market Model with Heterogeneous Buyers," Papers 0712.3350, arXiv.org.
    • Handle: RePEc:arx:papers:0712.3350
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    File URL: http://arxiv.org/pdf/0712.3350
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