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Boom and bust in a continuous time evolving economic model
File(s)
0801.3973v2.pdf (248.41 KB)
Accepted version
Author(s)
Mitchell, Lawrence
Ackland, Graeme J
Type
Journal Article
Abstract
We show that a simple model of a spatially resolved evolving economic system, which has a steady state under simultaneous updating, shows stable oscillations in price when updated asynchronously. The oscillations arise from a gradual decline of the mean price due to competition among sellers competing for the same resource. This lowers profitability and hence population but is followed by a sharp rise as speculative sellers invade the large un-inhabited areas. This cycle then begins again. © 2009 EDP Sciences, SIF, Springer-Verlag.
Date Issued
2009
Citation
European Physical Journal B, 2009, 70, pp.567-573
URI
DOI
ISSN
1434-6036
Publisher
Springer-Verlag
Start Page
567
End Page
573
Journal / Book Title
European Physical Journal B
Volume
70
Issue
4
Copyright Statement
© EDP Sciences, Societ`a Italiana di Fisica, Springer-Verlag 2009
License URL
Description
20.04.15 KB. Ok to add accepted version to spiral, 12 embargo expired.
Identifier
4
Article Number
4