Chen Qing-Hua(陈清华)a)†, Ding Yi-Ming(丁义明)b), and Dong Hong-Guang(董洪光)c)
aDepartment of Systems Science, School of Management, Beijing Normal University, Beijing 100875, China; bWuhan Institute of Physics and Mathematics, The Chinese Academy of Sciences, P.O. Box 71010, Wuhan 430071, China; cBeijing Higher Education Press, Chaoyang District, Beijing 100029, China
Abstract Based on suitable choice of states, this paper studies the stability of the equilibrium state of the EZ model by regarding the evolution of the EZ model as a Markov chain and by showing that the Markov chain is ergodic. The Markov analysis is applied to the EZ model with small number of agents, the exact equilibrium state for N = 5 and numerical results for N=18 are obtained.
Received: 12 June 2008
Revised: 07 July 2008
Accepted manuscript online:
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