Contributions to Books:
A. Jüngel, L. Trussardi:
"Modeling of herding and wealth distribution in large markets";
in: "ASC Report 22/2016",
issued by: Institute for Analysis and Scientific Computing;
Vienna University of Technology,
The dynamics of the number of participants in a large market is described by nonlinear partial differential equations of kinetic and diffusive type. The results on the modeling, analysis, and numerical simulation of three market models are brieﬂy reviewed. The interplay of the agents with external sources, herding phenomena, and irrationality of the individuals as well as the exchange of knowledge and wealth is explored mathematically. The focus lies on the mathematical under-standing of the differential equations rather than on the modeling of real economic situations, aiming at identifying models which are able to produce the desired effects.
Electronic version of the publication:
Created from the Publication Database of the Vienna University of Technology.