Endogenous Demand and Demanding Consumers: A Computational Approach
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- 作者：Carlos M. Fernández-Márquez ; Francisco Fatás-Villafranca…
- 关键词：Agent ; based model ; Emulation ; Demand ; driven market ; Consumer desires ; Producer decisions ; Supply and demand ; Evolutionary market
- 刊名：Computational Economics
- 出版年：2017
- 出版时间：February 2017
- 年：2017
- 卷：49
- 期：2
- 页码：307-323
- 全文大小：
- 刊物类别：Business and Economics
- 刊物主题：Economic Theory/Quantitative Economics/Mathematical Methods; Computer Appl. in Social and Behavioral Sciences; Operation Research/Decision Theory; Behavioral/Experimental Economics; Math Applications
- 出版者：Springer US
- ISSN：1572-9974
- 卷排序：49
文摘
In this paper we introduce an agent-based model of a discretionary consumption sector in which demand is transformed by social emulation among consumers, thereby making producers adapt to demand. Our theoretical approach considers bounded rationality of agents (consumers and producers), heterogeneity of both agents and product characteristics, and the co-evolution of consumer desires, mainly, by social emulation. The proposed dynamics can reproduce some stylized facts that are well known in literature, such as the S-shaped adoption rate curve that many industries develop over their life cycle. Our model also obtains a novel result with relevant theoretical implications: the strictness of requirements, a factor rarely studied in consumer theory, has an important effect on some aggregate variables that are usually explained by the supply side, such as the number of producers or the industrial concentration index. In particular, the minimum number of producers (and then, the maximum Herfindahl index) is obtained for an intermediate degree of consumer requirements, a fact that is empirically validated for the wine market in Spain.