Dynamics of price sensitivity and market structure in an evolutionary economic matching model

Griffin Vernor Drutchas, Péter Érdi

Research output: Chapter in Book/Report/Conference proceedingConference contribution

Abstract

The relationship between equilibrium convergence to a uniform quality distribution and price is investigated in the Q-model, a self-organizing, evolutionary computational matching model of a fixed-price post-secondary higher education system created by Ortmann and Slobodyan (2006). The Q-model is replicated with price equaling its Ortmann and Slobodyan (2006) value P*. Varying the fixed price between 0 and 2P* reveals thresholds at which the Q-model reaches different market clustering configurations. Results indicate structural market robustness to prices less than P* and high sensitivity to prices greater than P*.

Original languageEnglish
Title of host publicationComplex Adaptive Systems and the Threshold Effect
Subtitle of host publicationViews from the Natural and Social Sciences - Papers from the AAAI Fall Symposium, Technical Report
Pages39-46
Number of pages8
Publication statusPublished - Dec 1 2009
Event2009 AAAI FAll Symposium - Arlington, VA, United States
Duration: Nov 5 2009Nov 7 2009

Publication series

NameAAAI Fall Symposium - Technical Report
VolumeFS-09-03

Other

Other2009 AAAI FAll Symposium
CountryUnited States
CityArlington, VA
Period11/5/0911/7/09

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ASJC Scopus subject areas

  • Engineering(all)

Cite this

Drutchas, G. V., & Érdi, P. (2009). Dynamics of price sensitivity and market structure in an evolutionary economic matching model. In Complex Adaptive Systems and the Threshold Effect: Views from the Natural and Social Sciences - Papers from the AAAI Fall Symposium, Technical Report (pp. 39-46). (AAAI Fall Symposium - Technical Report; Vol. FS-09-03).