IDEAS home Printed from https://ideas.repec.org/a/spr/cejnor/v19y2011i1p1-17.html
   My bibliography  Save this article

On the classical Maki–Thompson rumour model in continuous time

Author

Listed:
  • Selma Belen
  • Erik Kropat
  • Gerhard-Wilhelm Weber

Abstract

In this paper, the Maki–Thompson model is slightly refined in continuous time, and a new general solution is obtained for each dynamics of spreading of a rumour. It is derived an equation for the size of a stochastic rumour process in terms of transitions. We give new lower and upper bounds for the proportion of total ignorants who never learned a rumour and the proportion of total stiflers who either forget the rumour or cease to spread the rumour when the rumour process stops, under general initial conditions. Simulation results are presented for the analytical solutions. The model and these numerical results are capable to explain the behaviour of the dynamics of any other dynamical system having interactions similar to the ones in the stochastic rumour process and requiring numerical interpretations to understand the real phenomena better. The numerical process in the differential equations of the model is investigated by using error-estimates. The estimated error is calculated by the Runge–Kutta method and found either negligible or zero for a relatively small size of the population. This pioneering paper introduces a new mathematical method into Operations research, motivated by various areas of scientific, social and daily life, it presents numerical computations, discusses structural frontiers and invites the interested readers to future research. Copyright Springer-Verlag 2011

Suggested Citation

  • Selma Belen & Erik Kropat & Gerhard-Wilhelm Weber, 2011. "On the classical Maki–Thompson rumour model in continuous time," Central European Journal of Operations Research, Springer;Slovak Society for Operations Research;Hungarian Operational Research Society;Czech Society for Operations Research;Österr. Gesellschaft für Operations Research (ÖGOR);Slovenian Society Informatika - Section for Operational Research;Croatian Operational Research Society, vol. 19(1), pages 1-17, March.
  • Handle: RePEc:spr:cejnor:v:19:y:2011:i:1:p:1-17
    DOI: 10.1007/s10100-009-0120-4
    as

    Download full text from publisher

    File URL: http://hdl.handle.net/10.1007/s10100-009-0120-4
    Download Restriction: Access to full text is restricted to subscribers.

    File URL: https://libkey.io/10.1007/s10100-009-0120-4?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. DiFonzo, Nicholas & Bordia, Prashant, 1997. "Rumor and Prediction: Making Sense (but Losing Dollars) in the Stock Market," Organizational Behavior and Human Decision Processes, Elsevier, vol. 71(3), pages 329-353, September.
    2. Watson, Ray, 1987. "On the size of a rumour," Stochastic Processes and their Applications, Elsevier, vol. 27, pages 141-149.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Burcu Gürbüz & Herman Mawengkang & Ismail Husein & Gerhard-Wilhelm Weber, 2022. "Rumour propagation: an operational research approach by computational and information theory," Central European Journal of Operations Research, Springer;Slovak Society for Operations Research;Hungarian Operational Research Society;Czech Society for Operations Research;Österr. Gesellschaft für Operations Research (ÖGOR);Slovenian Society Informatika - Section for Operational Research;Croatian Operational Research Society, vol. 30(1), pages 345-365, March.
    2. Tian, Yong & Ding, Xuejun, 2019. "Rumor spreading model with considering debunking behavior in emergencies," Applied Mathematics and Computation, Elsevier, vol. 363(C), pages 1-1.
    3. Chen, Guanghua, 2019. "ILSCR rumor spreading model to discuss the control of rumor spreading in emergency," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 522(C), pages 88-97.
    4. Josefa Mula & Marija Bogataj, 2021. "OR in the industrial engineering of Industry 4.0: experiences from the Iberian Peninsula mirrored in CJOR," Central European Journal of Operations Research, Springer;Slovak Society for Operations Research;Hungarian Operational Research Society;Czech Society for Operations Research;Österr. Gesellschaft für Operations Research (ÖGOR);Slovenian Society Informatika - Section for Operational Research;Croatian Operational Research Society, vol. 29(4), pages 1163-1184, December.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Schultze, Thomas & Schulz-Hardt, Stefan, 2015. "The impact of biased information and corresponding meta-information on escalating commitment," Journal of Economic Psychology, Elsevier, vol. 49(C), pages 108-119.
    2. Yochi Cohen-Charash & Charles A Scherbaum & John D Kammeyer-Mueller & Barry M Staw, 2013. "Mood and the Market: Can Press Reports of Investors' Mood Predict Stock Prices?," PLOS ONE, Public Library of Science, vol. 8(8), pages 1-15, August.
    3. Andraszewicz, Sandra & Friedman, Jason & Kaszás, Dániel & Hölscher, Christoph, 2023. "Zurich Trading Simulator (ZTS) — A dynamic trading experimental tool for oTree," Journal of Behavioral and Experimental Finance, Elsevier, vol. 37(C).
    4. Kiran Thapa, 2013. "Stock Message Board Recommendations and Share Trading Activity," PhD Thesis, Finance Discipline Group, UTS Business School, University of Technology, Sydney, number 10, July-Dece.
    5. Kiran Thapa, 2013. "Stock Message Board Recommendations and Share Trading Activity," PhD Thesis, Finance Discipline Group, UTS Business School, University of Technology, Sydney, number 3-2013.
    6. Bragger, Jennifer DeNicolis & Bragger, Donald & Hantula, Donald A. & Kirnan, Jean, 1998. "Hyteresis and Uncertainty: The Effect of Uncertainty on Delays to Exit Decisions," Organizational Behavior and Human Decision Processes, Elsevier, vol. 74(3), pages 229-253, June.
    7. Oberlechner, Thomas & Hocking, Sam, 2004. "Information sources, news, and rumors in financial markets: Insights into the foreign exchange market," Journal of Economic Psychology, Elsevier, vol. 25(3), pages 407-424, June.
    8. Alperovych, Yan & Cumming, Douglas & Czellar, Veronika & Groh, Alexander, 2021. "M&A rumors about unlisted firms," Journal of Financial Economics, Elsevier, vol. 142(3), pages 1324-1339.
    9. Grant Michelson & V. Suchitra Mouly, 2002. "‘You Didn't Hear it From Us But…’: Towards an Understanding of Rumour and Gossip in Organisations," Australian Journal of Management, Australian School of Business, vol. 27(1_suppl), pages 57-65, June.
    10. Nelson, Mark W. & Bloomfield, Robert & Hales, Jeffrey W. & Libby, Robert, 2001. "The Effect of Information Strength and Weight on Behavior in Financial Markets," Organizational Behavior and Human Decision Processes, Elsevier, vol. 86(2), pages 168-196, November.
    11. Yao, Yao & Xiao, Xi & Zhang, Chengping & Dou, Changsheng & Xia, Shutao, 2019. "Stability analysis of an SDILR model based on rumor recurrence on social media," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 535(C).
    12. Webley, Paul & Lewis, Alan & Mackenzie, Craig, 2001. "Commitment among ethical investors: An experimental approach," Journal of Economic Psychology, Elsevier, vol. 22(1), pages 27-42, February.
    13. Carlson, Kurt A. & Shu, Suzanne B., 2007. "The rule of three: How the third event signals the emergence of a streak," Organizational Behavior and Human Decision Processes, Elsevier, vol. 104(1), pages 113-121, September.
    14. DiFonzo, Nicholas & Bordia, Prashant, 2002. "Rumors and stable-cause attribution in prediction and behavior," Organizational Behavior and Human Decision Processes, Elsevier, vol. 88(2), pages 785-800, July.
    15. Morris, Michael W. & Sheldon, Oliver J. & Ames, Daniel R. & Young, Maia J, 2007. "Metaphors and the market: Consequences and preconditions of agent and object metaphors in stock market commentary," Organizational Behavior and Human Decision Processes, Elsevier, vol. 102(2), pages 174-192, March.
    16. Dutta, Sunasir & Rao, Hayagreeva, 2015. "Infectious diseases, contamination rumors and ethnic violence: Regimental mutinies in the Bengal Native Army in 1857 India," Organizational Behavior and Human Decision Processes, Elsevier, vol. 129(C), pages 36-47.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:spr:cejnor:v:19:y:2011:i:1:p:1-17. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Sonal Shukla or Springer Nature Abstracting and Indexing (email available below). General contact details of provider: http://www.springer.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.