Modelling value bubbles in an attention based economy
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Modelling value bubbles in an attention based economy. / Toftdahl Olesen, Cecilie; Sneppen, Kim.
I: European Physical Journal B, Bind 93, Nr. 3, 36, 02.03.2020.Publikation: Bidrag til tidsskrift › Tidsskriftartikel › Forskning › fagfællebedømt
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TY - JOUR
T1 - Modelling value bubbles in an attention based economy
AU - Toftdahl Olesen, Cecilie
AU - Sneppen, Kim
PY - 2020/3/2
Y1 - 2020/3/2
N2 - Exchange of products, ideas, and memes is ubiquitous across history and societies. Repeated transactions occasionally leads to "bubbles" where something becomes disproportionately valuable. Remarkably little has been done to explore this highly non-equilibrium aspect of economic activity. We suggest to view "bubble dynamics" in terms of a market of memory and attention. We introduce an agent based model where a positive feedback acting on recent memories is counteracted by a slower negative feedback. We discuss the model in the context of fashion cycles and financial bubbles.
AB - Exchange of products, ideas, and memes is ubiquitous across history and societies. Repeated transactions occasionally leads to "bubbles" where something becomes disproportionately valuable. Remarkably little has been done to explore this highly non-equilibrium aspect of economic activity. We suggest to view "bubble dynamics" in terms of a market of memory and attention. We introduce an agent based model where a positive feedback acting on recent memories is counteracted by a slower negative feedback. We discuss the model in the context of fashion cycles and financial bubbles.
KW - Statistical and Nonlinear Physics
KW - EMERGENCE
KW - FEEDBACK
KW - NOVELTY
U2 - 10.1140/epjb/e2020-100449-9
DO - 10.1140/epjb/e2020-100449-9
M3 - Journal article
VL - 93
JO - European Physical Journal B. Condensed Matter and Complex Systems
JF - European Physical Journal B. Condensed Matter and Complex Systems
SN - 1434-6028
IS - 3
M1 - 36
ER -
ID: 247691587