Thursday, July 4, 2013

1307.0817 (Leonardo Bargigli et al.)

A statistical equilibrium representation of markets as complex networks    [PDF]

Leonardo Bargigli, Andrea Lionetto, Stefano Viaggiu
We represent an exchange economy in terms of statistical ensembles for complex networks by introducing the concept of market configuration. In this way, starting from economic reasoning, we obtain a sound interpretation of the typical network variables in terms of thermodynamic quantities together with a strong consistency with microeconomic theory, and in particular with Walrasian general equilibrium theory. In our formalism, naturally arises the interpretation of the temperature $T$ as a quantification of economic disequilibrium, which can indeed coexist with statistical equilibrium.
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