On the interplay between fluctuations and efficiency in a model economy with heterogeneous adaptive consumers

Details On the interplay between fluctuations and efficiency in a model economy with heterogeneous adaptive consumers On the interplay between fluctuations and efficiency in a model economy with heterogeneous adaptive consumers

2005-02-28

arxiv.org/abs/cond-mat/0502662v2

Physics

Condensed Matter

Disordered Systems and Neural Networks

prepared for the proceedings of Fluctuations and Noise 2005

Scientific paper

10.1117/12.618904

We discuss the stationary states of a model economy in which $N$ heterogeneous adaptive consumers purchase commodity bundles repeatedly from $P$ sellers. The system undergoes a transition from an inefficient to an efficient state as the number of consumers increases. In the latter phase, however, price fluctuations may be much larger than in the inefficient regime. Results from dynamical mean-field theory obtained for $N\to\infty$ compare fairly well with computer simulations.

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