Statistical mechanics of socio-economic systems with heterogeneous agents

Details Statistical mechanics of socio-economic systems with heterogeneous agents Statistical mechanics of socio-economic systems with heterogeneous agents

2006-06-13

arxiv.org/abs/physics/0606107v1

Physics

Physics and Society

review article, 88 pages

Scientific paper

We review the statistical mechanics approach to the study of the emerging collective behavior of systems of heterogeneous interacting agents. The general framework is presented through examples is such contexts as ecosystem dynamics and traffic modeling. We then focus on the analysis of the optimal properties of large random resource-allocation problems and on Minority Games and related models of speculative trading in financial markets, discussing a number of extensions including multi-asset models, Majority Games and models with asymmetric information. Finally, we summarize the main conclusions and outline the major open problems and limitations of the approach.

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