Strategy bifurcation and spatial inhomogeneity in a simple model of competing sellers
File(s)0703156v2.pdf (298.54 KB)
Accepted version
Author(s)
Mitchell, Lawrence
Ackland, Graeme J
Type
Journal Article
Abstract
We present a simple one-parameter model for spatially localised evolving agents competing for spatially localised resources. The model considers selling agents able to evolve their pricing strategy in competition for a fixed market. Despite its simplicity, the model displays extraordinarily rich behaviour. In addition to cheap sellers pricing to cover their costs, expensive sellers spontaneously appear to exploit short-term favourable situations. These expensive sellers speciate into discrete price bands. As well as variety in pricing strategy, the cheap sellers evolve a strongly correlated spatial structure, which in turn creates niches for their expensive competitors. Thus an entire ecosystem of coexisting, discrete, symmetry-breaking strategies arises. © Europhysics Letters Association.
Date Issued
2007
Citation
Europhysics Letters, 2007, 79, pp.48003-48003
Start Page
48003
End Page
48003
Journal / Book Title
Europhysics Letters
Volume
79
Copyright Statement
© EPLA, 2007. This is an author-created, un-copyedited version of an article accepted for publication in EPL (Europhysics Letters). IOP Publishing Ltd is not responsible for any errors or omissions in this version of the manuscript or any version derived from it. The definitive publisher authenticated version is available online at http://iopscience.iop.org/0295-5075/79/4/48003/
Description
16.04.15 KB. Ok to add accepted version to spiral, 12 months embargo expired
Identifier
4
Article Number
4