Publication detail

Cherry Picking: Consumer Choices in Swarm Dynamics, Considering Price and Quality of Goods

Author(s): Valeria Secchini MSc, Pietro Terna, Damian Knopoff
Type: Articles in journals with impact factor
Year: 2020
Number: 0
ISSN / ISBN:
Published in: Symmetry
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Keywords: kinetic theory; social dynamics; active particles; swarm theory; price formation; cherry picking; pattern formation; clusters
JEL codes:
Suggested Citation: Knopoff, D.; Secchini, V.; Terna, P. Cherry Picking: Consumer Choices in Swarm Dynamics, Considering Price and Quality of Goods. Symmetry 2020, 12, 1912. https://doi.org/10.3390/sym12111912
Abstract: This paper proposes a further development of the mathematical theory of swarms to behavioral dynamics of social and economic systems, with an application to the modeling of price series in a market. The complexity features of the system are properly described by modeling the asymmetric interactions between buyers and sellers, specifically considering the so-called cherry picking phenomenon, by which not only prices but also qualities are considered when buying a good. Finally, numerical simulations are performed to depict the predictive ability of the model and to show interesting emerging behaviors, as the coordination of buyers and their division in endogenous clusters

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