Some agent-based models for growth and allocation of resources are described. The first class considered consists of conservative models, where the number of agents and the size of resources are constant during time evolution. The second class is made up of multiplicative noise models and some of their extensions to continuous-time.
We develop novel quantitative techno-economic evaluation criteria for power flow allocation schemes. Such schemes assign which nodes are responsible for which proportion of power flows on a line in a meshed electricity transmission network. As this allocation is, as such, indeterminate, the literature has proposed a number of dedicated schemes. To better understand the implications of applying different schemes, our criteria comprise their (i) fairness, (ii) plausibility, (iii) uniqueness, and (iv) stability. We apply, illustrate, and discuss these criteria for four prominent schemes based on …
The fundamental purpose of the present research article is to introduce the basic principles of Dimensional Analysis in the context of the neoclassical economic theory, in order to apply such principles to the fundamental relations that underlay most models of economic growth. In particular, basic instruments from Dimensional Analysis are used to evaluate the analytical consistency of the Neoclassical economic growth model. The analysis shows that an adjustment to the model is required in such a way that the principle of dimensional homogeneity is satisfied.
We propose in this work a kinetic wealth-exchange model of economic growth by introducing saving as a non consumed fraction of production. In this new model, which starts also from microeconomic arguments, it is found that economic transactions between pairs of agents leads the system to a macroscopic behavior where total wealth is not conserved and it is possible to have an economic growth which is assumed as the increasing of total production in time. This last macroeconomic result, that we find both numerically through a Monte Carlo based simulation method and analytically in the framework …
Technological improvement is the most important cause of long-term economic growth. We study the effects of technology improvement in the setting of a production network, in which each producer buys input goods and converts them to other goods, selling the product to households or other producers. We show how this network amplifies the effects of technological improvements as they propagate along chains of production. Longer production chains for an industry bias it towards faster price reduction, and longer production chains for a country bias it towards faster GDP growth. These predictions a…
We estimated system-wise levelized cost of electricity (LCOE) for a power grid with a high level of renewable energy using our grid optimization model. The estimation results of the system-wise LCOE are discussed in terms of the nexus of energy, environment, and economic growth for Small Island Developing States (SIDS) economies. While 100% renewable energy is technologically possible with the usage of electricity storage, the estimated LCOE is as high as 397 $/MWh which is substantially higher than electricity prices for residential consumers in the US and Japan. The susceptibility analyses i…
Modern macroeconomic theories were unable to foresee the last Great Recession and could neither predict its prolonged duration nor the recovery rate. They are based on supply-demand equilibria that do not exist during recessionary shocks. Here we focus on resilience as a nonequilibrium property of networked production systems and develop a linear response theory for input-output economics. By calibrating the framework to data from 56 industrial sectors in 43 countries between 2000 and 2014, we find that the susceptibility of individual industrial sectors to economic shocks varies greatly acros…
The law of proportionate growth simply states that the time dependent change of a quantity $x$ is proportional to $x$. Its applicability to a wide range of dynamic phenomena is based on various assumptions for the proportionality factor, which can be random or deterministic, constant or time dependent. Further, the dynamics can be combined with additional additive growth terms, which can be constants, aggregated quantities, or interaction terms. This allows to extent the core dynamics into an agent-based modeling framework with vast applications in social and economic systems. The paper adopts…
The agent-based Yard-Sale model of wealth inequality is generalized to incorporate exponential economic growth and its distribution. The distribution of economic growth is nonuniform and is determined by the wealth of each agent and a parameter $λ$. Our numerical results indicate that the model has a critical point at $λ=1$ between a phase for $λ< 1$ with economic mobility and exponentially growing wealth of all agents and a non-stationary phase for $λ\geq 1$ with wealth condensation and no mobility. We define the energy of the system and show that the system can be considered to be in thermod…
Growth of science is a prevalent issue in science of science studies. In recent years, two new bibliographic databases have been introduced which can be used to study growth processes in science from centuries back: Dimensions from Digital Science and Microsoft Academic. In this study, we used publication data from these new databases and added publication data from two established databases (Web of Science from Clarivate Analytics and Scopus from Elsevier) to investigate scientific growth processes from the beginning of the modern science system until today. We estimated regression models tha…
The report considers the dynamics of the global population as the unique case of the Socio-Economic Soft Matter system. This category was introduced for complex systems dominated by mesoscale assemblies, emerging due to the inherent tendency for local self-organization. The hypothesis is validated by studying population growth evolution using universalistic scaling patterns developed in Soft Matter science. It is supported by the innovative derivative-based and distortions-sensitive analysis, showing the extended Malthus-type trend from 10 000 B till ca. the year 1200. Subsequently, the explic…
