A Markovian model market-Akerlof's lemons and the asymmetry of information

dc.contributorUniversidade Estadual Paulista (UNESP)
dc.creatorTilles, Paulo F. C.
dc.creatorFerreira, Fernando F.
dc.creatorFrancisco, Gerson
dc.creatorPereira, Carlos de B.
dc.creatorSarti, Flavia Medeiros
dc.date2013-09-30T19:03:49Z
dc.date2014-05-20T14:14:29Z
dc.date2013-09-30T19:03:49Z
dc.date2014-05-20T14:14:29Z
dc.date2011-07-01
dc.date.accessioned2017-04-05T22:11:19Z
dc.date.available2017-04-05T22:11:19Z
dc.identifierPhysica A-statistical Mechanics and Its Applications. Amsterdam: Elsevier B.V., v. 390, n. 13, p. 2562-2570, 2011.
dc.identifier0378-4371
dc.identifierhttp://hdl.handle.net/11449/24721
dc.identifier10.1016/j.physa.2011.03.007
dc.identifierWOS:000291136200012
dc.identifierWOS000291136200012.pdf
dc.identifierhttp://dx.doi.org/10.1016/j.physa.2011.03.007
dc.identifier.urihttp://repositorioslatinoamericanos.uchile.cl/handle/2250/869693
dc.descriptionIn this work we study an agent based model to investigate the role of asymmetric information degrees for market evolution. This model is quite simple and may be treated analytically since the consumers evaluate the quality of a certain good taking into account only the quality of the last good purchased plus her perceptive capacity beta. As a consequence, the system evolves according to a stationary Markov chain. The value of a good offered by the firms increases along with quality according to an exponent alpha, which is a measure of the technology. It incorporates all the technological capacity of the production systems such as education, scientific development and techniques that change the productivity rates. The technological level plays an important role to explain how the asymmetry of information may affect the market evolution in this model. We observe that, for high technological levels, the market can detect adverse selection. The model allows us to compute the maximum asymmetric information degree before the market collapses. Below this critical point the market evolves during a limited period of time and then dies out completely. When beta is closer to 1 (symmetric information), the market becomes more profitable for high quality goods, although high and low quality markets coexist. The maximum asymmetric information level is a consequence of an ergodicity breakdown in the process of quality evaluation. (C) 2011 Elsevier B.V. All rights reserved.
dc.descriptionCoordenação de Aperfeiçoamento de Pessoal de Nível Superior (CAPES)
dc.descriptionConselho Nacional de Desenvolvimento Científico e Tecnológico (CNPq)
dc.languageeng
dc.publisherElsevier B.V.
dc.relationPhysica A: Statistical Mechanics and Its Applications
dc.rightsinfo:eu-repo/semantics/openAccess
dc.subjectMarkovian market model
dc.subjectAsymmetric information
dc.subjectTechnological evolution
dc.titleA Markovian model market-Akerlof's lemons and the asymmetry of information
dc.typeOtro


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