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Interactions in economic models: Statistical mechanics and networks

Content Provider	Springer Nature Link
Author	Ozman, Müge
Copyright Year	2005
Abstract	During the last decade, the interaction based models have received increased attention in economics, mainly with the recognition that modeling aggregate patterns of behavior requires viewing individuals in their social environments continuously in interaction with each other. The existing literature suggests that statistical mechanics tools can be useful to model interactions among economic agents. In addition to statistical mechanics, the network approach has also gained popularity, as is evident in the rising attention attributed to small world models and scale free network topologies. These developments point to the fact that interdisciplinary research in economics, mainly using the tools of physics has accelerated to a great extent. In this paper, we review the analogies made between molecules and economic agents in statistical mechanics models, as they are utilized in economics literature. We perform a simulation study by using the small world model and statistical mechanics, to demonstrate the influence of network structure in the spreading of organizational forms, in particular the research collaboration decisions of firms.
Starting Page	223
Ending Page	238
Page Count	16
File Format	PDF
ISSN	15937879
Journal	Mind & Society
Volume Number	4
Issue Number	2
e-ISSN	18601839
Language	English
Publisher	Springer-Verlag
Publisher Date	2005-01-01
Publisher Place	Berlin, Heidelberg
Access Restriction	One Nation One Subscription (ONOS)
Subject Keyword	Networks Statistical mechanics Inter-firm collaborations Small world networks Economics general Cognitive Psychology Methodology of the Social Sciences Sociology Philosophy of Science
Content Type	Text
Resource Type	Article
Subject	Philosophy Sociology and Political Science Experimental and Cognitive Psychology History Economics, Econometrics and Finance Social Psychology Cultural Studies

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