Reference : Socio-economic utility and chemical potential
Scientific journals : Article
Physical, chemical, mathematical & earth Sciences : Physics
http://hdl.handle.net/10993/31618
Socio-economic utility and chemical potential
-
Lemoy, Rémi mailto []
Bertin, Eric [IXXI Complex Syst Inst, F-69007 Lyon, France.]
Jensen, Pablo [Univ Lyon 2, LET, F-69007 Lyon, France.]
2011
Europhysics Letters
EDP Sciences
93
3
38002-6
Yes (verified by ORBilu)
International
0295-5075
1286-4854
Les Ulis
France
[en] In statistical physics, the conservation of particle number results in the equalization of the chemical potential throughout a system at equilibrium. In contrast, the homogeneity of utility in socio-economic models is usually thought to rely on the competition between individuals, leading to Nash equilibrium. We show that both views can be reconciled by introducing a notion of chemical potential in a wide class of socio-economic models, and by relating it in a direct way to the equilibrium value of the utility. This approach also allows the dependence of utility across the system to be determined when agents take decisions in a probabilistic way. Numerical simulations of a urban economic model also suggest that our result is valid beyond the initially considered class of solvable models. Copyright (C) EPLA, 2011
http://hdl.handle.net/10993/31618
10.1209/0295-5075/93/38002

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