Adjustment and social choice

Details Adjustment and social choice Adjustment and social choice

2002-10-28

arxiv.org/abs/cond-mat/0210610v1

Physics

Condensed Matter

Disordered Systems and Neural Networks

13 pages, 6 figures

Scientific paper

10.1016/S0378-4371(03)00010-4

We discuss the influence of information contagion on the dynamics of choices in social networks of heterogeneous buyers. Starting from an inhomogeneous cellular automata model of buyers dynamics, we show that when agents try to adjust their reservation price, the tatonement process does not converge to equilibrium at some intermediate market share and that large amplitude fluctuations are actually observed. When the tatonnement dynamics is slow with respect to the contagion dynamics, large periodic oscillations reminiscent of business cycles appear.

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