20,105 research outputs found
Market Model with Heterogeneous Buyers
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.Comment: 26 pages, 15 figures, accepted to Physica
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