Regensburg 2010 – scientific programme
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SOE: Fachverband Physik sozio-ökonomischer Systeme
SOE 6: Poster Session
SOE 6.1: Poster
Monday, March 22, 2010, 18:00–20:00, Poster C
Employment, Production and Consumption Model: Patterns of Phase Transitions — •Hynek Lavička1,2,3, Lin Lin4, and Jan Novotný1,5,6 — 1Department of Physics, Faculty of Nuclear Sciences and Physical Engineering, Czech Technical University in Prague, B\v{r}ehov\' a 7, 115 19 Praha 1, Czech Republic — 2Doppler Institute for Mathematical Physics and Applied Mathematics, Faculty of Nuclear Sciences and Physical Engineering, Czech Technical University in Prague, B\v{r}ehov\' a 7, 115 19 Praha 1, Czech Republic — 3Bogolyubov Laboratory of Theoretical Physics, Joint Institute of Nuclear Research, 141980 Dubna, Russia — 4Department of Economics, University of Kiel, Olshausenstrasse 40, 24118 Kiel, Germany — 5CERGE-EI, Charles University, Politick\' ych v\v ez\v n\r u 7, 111 21, Praha 1, Czech Republic — 6Nuclear Physics Institute, p.r.i., \v{R}e\v{z} near Prague, 250 68 \v{R}e\v{z}, Czech Republic
We have simulated the model of Employment, Production and Consumption (EPC) using Monte Carlo. The EPC model is an agent-based model that mimics very basic rules of industrial economy. From perspective of physics, the nature of the interactions in the EPC model represents multi-agent interactions where the relations among agents follow the key laws for circulation of capital and money. Monte Carlo simulations of the stochastic model reveal phase transition. The two phases are the phase with full unemployment and the phase with nearly full employment.