Market Model with Heterogeneous Buyers

Details Market Model with Heterogeneous Buyers Market Model with Heterogeneous Buyers

2007-12-20

arxiv.org/abs/0712.3350v1

Physica A 387, 2889-2908 (2008)

Economy

Quantitative Finance

Trading and Market Microstructure

26 pages, 15 figures, accepted to Physica A

Scientific paper

10.1016/j.physa.2008.01.008

In market modeling, one often treats buyers as a homogeneous group. In this paper we consider buyers with heterogeneous preferences and products available in many variants. Such a framework allows us to successfully model various market phenomena. In particular, we investigate how is the vendor's behavior influenced by the amount of available information and by the presence of correlations in the system.

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