Market Model with Heterogeneous Buyers
arXiv:0712.3350 · doi:10.1016/j.physa.2008.01.008
Abstract
In market modeling, one often treats buyers as a homogeneous group. In this paper we consider buyers with heterogeneous preferences and products available in many variants. Such a framework allows us to successfully model various market phenomena. In particular, we investigate how is the vendor's behavior influenced by the amount of available information and by the presence of correlations in the system.
26 pages, 15 figures, accepted to Physica A