We propose an exchange economy evolutionary model with agents heterogeneous in the structure of preferences. Assuming that the share updating mechanism is non-monotone in the calorie intake, we find multistability phenomena involving equilibria characterized by the coexistence of heterogeneous agents.
Naimzada, A., Pireddu, M. (2016). Endogenous evolution of heterogeneous consumers preferences: Multistability and coexistence between groups. ECONOMICS LETTERS, 142, 22-26 [10.1016/j.econlet.2016.02.018].
Endogenous evolution of heterogeneous consumers preferences: Multistability and coexistence between groups
Naimzada, A;Pireddu, M
2016
Abstract
We propose an exchange economy evolutionary model with agents heterogeneous in the structure of preferences. Assuming that the share updating mechanism is non-monotone in the calorie intake, we find multistability phenomena involving equilibria characterized by the coexistence of heterogeneous agents.
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