Socio-economic applications of finite state mean field games

Handle URI:
http://hdl.handle.net/10754/594151
Title:
Socio-economic applications of finite state mean field games
Authors:
Gomes, Diogo A. ( 0000-0002-3129-3956 ) ; Machado Velho, Roberto; Wolfram, Marie Therese
Abstract:
In this paper, we present different applications of finite state mean field games to socio-economic sciences. Examples include paradigm shifts in the scientific community or consumer choice behaviour in the free market. The corresponding finite state mean field game models are hyperbolic systems of partial differential equations, for which we present and validate different numerical methods. We illustrate the behaviour of solutions with various numerical experiments,which show interesting phenomena such as shock formation. Hence, we conclude with an investigation of the shock structure in the case of two-state problems.
KAUST Department:
Computer, Electrical and Mathematical Sciences and Engineering (CEMSE) Division
Citation:
Gomes D, Velho RM, Wolfram M-T (2014) Socio-economic applications of finite state mean field games. Philosophical Transactions of the Royal Society A: Mathematical, Physical and Engineering Sciences 372: 20130405–20130405. Available: http://dx.doi.org/10.1098/rsta.2013.0405.
Publisher:
The Royal Society
Journal:
Philosophical Transactions of the Royal Society A: Mathematical, Physical and Engineering Sciences
Issue Date:
6-Oct-2014
DOI:
10.1098/rsta.2013.0405
PubMed ID:
25288816
ARXIV:
arXiv:1403.4217v1
Type:
Article
ISSN:
1364-503X; 1471-2962
Sponsors:
D. G. was partially supported by KAUST SRI, Uncertainty Quantification Center in Computational Science and Engineering and CAMGSD-LARSys (FCT-Portugal), PTDC/MAT-CAL/0749/2012 (FCT-Portugal). R. M. V. was partially supported by CNPq-Brazil through a PhD scholarship 'Programme Science without Borders and KAUST' Saudi Arabia. M.-T.W. acknowledges support from the Austrian Academy of Sciences OAW via the New Frontiers Project NST-001.
Appears in Collections:
Articles; Computer, Electrical and Mathematical Sciences and Engineering (CEMSE) Division

Full metadata record

DC FieldValue Language
dc.contributor.authorGomes, Diogo A.en
dc.contributor.authorMachado Velho, Robertoen
dc.contributor.authorWolfram, Marie Thereseen
dc.date.accessioned2016-01-19T13:22:44Zen
dc.date.available2016-01-19T13:22:44Zen
dc.date.issued2014-10-06en
dc.identifier.citationGomes D, Velho RM, Wolfram M-T (2014) Socio-economic applications of finite state mean field games. Philosophical Transactions of the Royal Society A: Mathematical, Physical and Engineering Sciences 372: 20130405–20130405. Available: http://dx.doi.org/10.1098/rsta.2013.0405.en
dc.identifier.issn1364-503Xen
dc.identifier.issn1471-2962en
dc.identifier.pmid25288816en
dc.identifier.doi10.1098/rsta.2013.0405en
dc.identifier.urihttp://hdl.handle.net/10754/594151en
dc.description.abstractIn this paper, we present different applications of finite state mean field games to socio-economic sciences. Examples include paradigm shifts in the scientific community or consumer choice behaviour in the free market. The corresponding finite state mean field game models are hyperbolic systems of partial differential equations, for which we present and validate different numerical methods. We illustrate the behaviour of solutions with various numerical experiments,which show interesting phenomena such as shock formation. Hence, we conclude with an investigation of the shock structure in the case of two-state problems.en
dc.description.sponsorshipD. G. was partially supported by KAUST SRI, Uncertainty Quantification Center in Computational Science and Engineering and CAMGSD-LARSys (FCT-Portugal), PTDC/MAT-CAL/0749/2012 (FCT-Portugal). R. M. V. was partially supported by CNPq-Brazil through a PhD scholarship 'Programme Science without Borders and KAUST' Saudi Arabia. M.-T.W. acknowledges support from the Austrian Academy of Sciences OAW via the New Frontiers Project NST-001.en
dc.publisherThe Royal Societyen
dc.subjectFinite state spaceen
dc.subjectMean field gamesen
dc.subjectNumerical methodsen
dc.subjectSocio-economic applicationsen
dc.titleSocio-economic applications of finite state mean field gamesen
dc.typeArticleen
dc.contributor.departmentComputer, Electrical and Mathematical Sciences and Engineering (CEMSE) Divisionen
dc.identifier.journalPhilosophical Transactions of the Royal Society A: Mathematical, Physical and Engineering Sciencesen
dc.contributor.institutionRadon Institute for Computational and Applied Mathematics, Austrian Academy of Sciences, Altenbergerstrasse 69Linz, Austriaen
dc.identifier.arxividarXiv:1403.4217v1en
kaust.authorGomes, Diogo A.en
kaust.authorMachado Velho, Robertoen
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