Publication details
Markets, Social Networks, and Endogenous Preferences
| Authors | |
|---|---|
| Year of publication | 2012 |
| Type | Article in Proceedings |
| Conference | Proceedings of 30th International Conference Mathematical Methods in Economics |
| MU Faculty or unit | |
| Citation | |
| Web | Paper and model's web interface |
| Field | Economy |
| Keywords | endogenous preferences; market; social network; agent-based simulation |
| Attached files | |
| Description | This paper generalizes the Bell’s model (“Locally interdependent preferences in a general equilibrium environment,” JEBO, 2002), and models an interaction between a market, endogenous preferences, and a general social network. Contrary to Bell’s results, 1) the system need not to converge, 2) the agents’ preferences need not to be polarized, 3) the agents’ preferences need not to adjust in the proportion to the availability (only the more abundant good can be consumed in one type of equilibrium), and 4) the agents with the same preferences need not to be clustered. |
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