Markov Models of Social Dynamics: Theory and Applications

Authored by Herbert Gintis

Date Published: 2013-06

DOI: 10.1145/2483669.2483686

Sponsors: No sponsors listed

Platforms: No platforms listed

Model Documentation: Other Narrative Mathematical description

Model Code URLs: Model code not found

Abstract

This article shows how agent-based models of social dynamics can be treated rigorously and analytically as finite Markov processes, and their long-run properties are then given by an expanded version of the ergodic theorem for Markov processes. A Markov process model of a simplified market economy shows the fruitfulness of this approach.

Tags

Economics Experimentation