Control of the socio-economic systems using herding interactions

Abstract

Collective behavior of the complex socio-economic systems is heavily influenced by the herding, group, behavior of individuals. The importance of the herding behavior may enable the control of the collective behavior of the individuals. In this contribution we consider a simple agent-based herding model modified to include agents with controlled state. We show that in certain case even the smallest fixed number of the controlled agents might be enough to control the behavior of a very large system.

8 pages, 3 figures

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• Consentaneous agent-based and stochastic model of the financial markets
• Herding and idiosyncratic choices: Nonlinearity and aging-induced transitions in the noisy voter model
• Compartmental voter model
• Reduction from non-Markovian to Markovian dynamics: The case of aging in the noisy-voter model
• Understanding the nature of the long-range memory phenomenon in socioeconomic systems
• Herding interactions as an opportunity to prevent extreme events in financial markets
• Delayed interactions in the noisy voter model through the periodic polling mechanism
• Mean First Passage Time of the Symmetric Noisy Voter Model with Arbitrary Initial and Boundary Conditions