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Production networks and failure avalanches

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Author Info

  • Gerard Weisbuch

    (LPS)

  • Stefano Battiston

    (CAMS)

Abstract

Although standard economics textbooks are seldom interested in production networks, modern economies are more and more based upon suppliers/customers interactions. One can consider entire sectors of the economy as generalised supply chains. We will take this view in the present paper and study under which conditions local failures to produce or simply to deliver can result in avalanches of shortage and bankruptcies across the network. We will show that a large class of models exhibit scale free distributions of production and wealth among firms and that metastable regions of high production are highly localised.

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File URL: http://arxiv.org/pdf/physics/0507101
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Bibliographic Info

Paper provided by arXiv.org in its series Papers with number physics/0507101.

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Date of creation: Jul 2005
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Handle: RePEc:arx:papers:physics/0507101

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Web page: http://arxiv.org/

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References

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  1. Gatti, Domenico Delli & Guilmi, Corrado Di & Gaffeo, Edoardo & Giulioni, Gianfranco & Gallegati, Mauro & Palestrini, Antonio, 2005. "A new approach to business fluctuations: heterogeneous interacting agents, scaling laws and financial fragility," Journal of Economic Behavior & Organization, Elsevier, vol. 56(4), pages 489-512, April.
  2. Stefano Battiston & Gérard Weisbuch & Eric Bonabeau, 2003. "Decision Spread In The Corporate Board Network," Advances in Complex Systems (ACS), World Scientific Publishing Co. Pte. Ltd., vol. 6(04), pages 631-644.
  3. Bouchaud, Jean-Philippe & Mézard, Marc, 2000. "Wealth condensation in a simple model of economy," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 282(3), pages 536-545.
  4. Battiston, Stefano & Bonabeau, Eric & Weisbuch, Gérard, 2003. "Decision making dynamics in corporate boards," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 322(C), pages 567-582.
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Cited by:
  1. K. Anand & T. Galla, 2009. "Stability and dynamical properties of material flow systems on random networks," The European Physical Journal B - Condensed Matter and Complex Systems, Springer, vol. 68(4), pages 587-600, April.
  2. Tommaso Ciarli & Marco Valente, 2007. "Production Structure and Economic Fluctuations," LEM Papers Series 2007/02, Laboratory of Economics and Management (LEM), Sant'Anna School of Advanced Studies, Pisa, Italy.

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