Employment, Production and Consumption Model: Patterns of Phase Transitions

Result code in IS VaVaI
<a href="https://www.isvavai.cz/riv?ss=detail&h=RIV%2F68407700%3A21340%2F10%3A00163621" target="_blank" >RIV/68407700:21340/10:00163621 - isvavai.cz</a>
Alternative codes found
RIV/61389005:_____/10:00341487
Result on the web
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DOI - Digital Object Identifier
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Result language
angličtina
Original language name
Employment, Production and Consumption Model: Patterns of Phase Transitions
Original language description
We have simulated the model of Employment, Production and Consumption (EPC) using Monte Carlo. The EPC model is an agent-based model that mimics very basic rules of industrial economy. From perspective of physics, the nature of the interactions in the EPC model represents multi-agent interactions where the relations among agents follow the key laws for circulation of capital and money. Monte Carlo simulations of the stochastic model reveal phase transition in the model economy. The two phases are the phase with full unemployment and the phase with nearly full employment. The economy switches between these two states suddenly as a reaction to a slight variation in the exogenous parameter, thus the system exhibits strong non-linear behavior as a responseto the change of the exogenous parameters.
Czech name
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Czech description
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Type
J<sub>x</sub> - Unclassified - Peer-reviewed scientific article (Jimp, Jsc and Jost)
CEP classification
BE - Theoretical physics
OECD FORD branch
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Project
<a href="/en/project/LC06002" target="_blank" >LC06002: Doppler Institute for Mathematical Physics and Applied Mathematics</a><br>
Continuities
P - Projekt vyzkumu a vyvoje financovany z verejnych zdroju (s odkazem do CEP)<br>Z - Vyzkumny zamer (s odkazem do CEZ)

Publication year
2010
Confidentiality
S - Úplné a pravdivé údaje o projektu nepodléhají ochraně podle zvláštních právních předpisů

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