Network effects in a human capital based economic growth model
Authored by Tanya Araujo, Teresa Vaz Martins, Maria Augusta Santos, Miguel St Aubyn
Date Published: 2009-06-01
DOI: 10.1016/j.physa.2009.02.006
Sponsors:
European Union
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Model Documentation:
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Mathematical description
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Abstract
We revisit a recently introduced agent model [ACS, 11. 99 (2008)], where economic growth is a consequence of education (human capital formation) and innovation, and investigate the influence of the agents' social network, both oil an agent's decision to pursue education and oil the output of new ideas. Regular and random networks are considered. The results are compared with the predictions of a mean field (representative agent) model. (C) 2009 Elsevier B.V. All rights reserved.
Tags
Complex networks
Agent based models
econophysics
Human capital