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Control of the socio-economic systems using herding interactions

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  • Aleksejus Kononovicius
  • Vygintas Gontis

Abstract

Collective behavior of the complex socio-economic systems is heavily influenced by the herding, group, behavior of individuals. The importance of the herding behavior may enable the control of the collective behavior of the individuals. In this contribution we consider a simple agent-based herding model modified to include agents with controlled state. We show that in certain case even the smallest fixed number of the controlled agents might be enough to control the behavior of a very large system.

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  • Aleksejus Kononovicius & Vygintas Gontis, 2013. "Control of the socio-economic systems using herding interactions," Papers 1309.6105, arXiv.org, revised Feb 2014.
    • Handle: RePEc:arx:papers:1309.6105
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    1. Aleksejus Kononovicius & Vygintas Gontis, 2015. "Herding interactions as an opportunity to prevent extreme events in financial markets," The European Physical Journal B: Condensed Matter and Complex Systems, Springer;EDP Sciences, vol. 88(7), pages 1-6, July.
    2. Vygintas Gontis & Aleksejus Kononovicius, 2014. "Consentaneous Agent-Based and Stochastic Model of the Financial Markets," PLOS ONE, Public Library of Science, vol. 9(7), pages 1-12, July.
    3. Kononovicius, Aleksejus & Astrauskas, Rokas & Radavičius, Marijus & Ivanauskas, Feliksas, 2024. "Delayed interactions in the noisy voter model through the periodic polling mechanism," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 652(C).
    4. Rytis Kazakevicius & Aleksejus Kononovicius & Bronislovas Kaulakys & Vygintas Gontis, 2021. "Understanding the nature of the long-range memory phenomenon in socioeconomic systems," Papers 2108.02506, arXiv.org, revised Aug 2021.
    5. Christopher M Wray & Steven R Bishop, 2016. "A Financial Market Model Incorporating Herd Behaviour," PLOS ONE, Public Library of Science, vol. 11(3), pages 1-28, March.

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