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Endogenous evolution of heterogeneous consumers preferences: Multistability and coexistence between groups

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  • Naimzada, Ahmad
  • Pireddu, Marina

Abstract

We propose an exchange economy evolutionary model with agents heterogeneous in the structure of preferences. Assuming that the share updating mechanism is non-monotone in the calorie intake, we find multistability phenomena involving equilibria characterized by the coexistence of heterogeneous agents.

Suggested Citation

  • Naimzada, Ahmad & Pireddu, Marina, 2016. "Endogenous evolution of heterogeneous consumers preferences: Multistability and coexistence between groups," Economics Letters, Elsevier, vol. 142(C), pages 22-26.
  • Handle: RePEc:eee:ecolet:v:142:y:2016:i:c:p:22-26
    DOI: 10.1016/j.econlet.2016.02.018
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    References listed on IDEAS

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    1. Ponthiere, Gregory, 2011. "Existence and stability of overconsumption equilibria," Economic Modelling, Elsevier, vol. 28(1), pages 74-90.
    2. Fogel, Robert W, 1994. "Economic Growth, Population Theory, and Physiology: The Bearing of Long-Term Processes on the Making of Economic Policy," American Economic Review, American Economic Association, vol. 84(3), pages 369-395, June.
    3. Tomas J. Philipson & Richard A. Posner, 2008. "Is the Obesity Epidemic a Public Health Problem? A Review of Zoltan J. Acs and Alan Lyles's Obesity, Business and Public Policy," Journal of Economic Literature, American Economic Association, vol. 46(4), pages 974-982, December.
    4. Chang, Jannet & Stauber, Ronald, 2009. "Evolution of preferences in an exchange economy," Economics Letters, Elsevier, vol. 103(3), pages 131-134, June.
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    Cited by:

    1. Ahmad Naimzada & Marina Pireddu, 2019. "A general equilibrium evolutionary model with generic utility functions and generic bell-shaped attractiveness maps, generating fashion cycle dynamics," Working Papers 401, University of Milano-Bicocca, Department of Economics, revised Mar 2019.
    2. Naimzada, Ahmad & Pireddu, Marina, 2018. "An evolutive discrete exchange economy model with heterogeneous preferences," Chaos, Solitons & Fractals, Elsevier, vol. 111(C), pages 35-43.
    3. Ahmad Naimzada & Marina Pireddu, 2020. "A general equilibrium evolutionary model with two groups of agents, generating fashion cycle dynamics," Decisions in Economics and Finance, Springer;Associazione per la Matematica, vol. 43(1), pages 155-185, June.

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    More about this item

    Keywords

    Endogenous preferences; Evolution; Multistability; Coexistence;
    All these keywords.

    JEL classification:

    • B52 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Historical; Institutional; Evolutionary; Modern Monetary Theory;
    • C62 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Existence and Stability Conditions of Equilibrium
    • D00 - Microeconomics - - General - - - General
    • D11 - Microeconomics - - Household Behavior - - - Consumer Economics: Theory

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