Socio-economic applications of finite state mean field games

Diogo A. Gomes, Roberto Machado Velho, Marie Therese Wolfram

Research output: Contribution to journalArticlepeer-review

27 Scopus citations

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.
Original languageEnglish (US)
Pages (from-to)20130405
JournalPhilosophical Transactions of the Royal Society A: Mathematical, Physical and Engineering Sciences
Volume372
Issue number2028
DOIs
StatePublished - Oct 6 2014

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