Market Model with Heterogeneous Buyers

In market modeling, one often treats buyers as a homogeneous group. In this paper we consider buyers with heterogeneous preferences and products available in many variants. Such a framework allows us to successfully model various market phenomena. In particular, we investigate how is the vendor's behavior influenced by the amount of available information and by the presence of correlations in the system.Comment: 26 pages, 15 figures, accepted to Physica

Aggregating partial, local evaluations to achieve global ranking

We analyze some voting models mimicking online evaluation systems intended to reduce the information overload. The minimum number of operations needed for a system to be effective is analytically estimated. When herding effects are present, linear preferential attachment marks a transition between trustful and biased reputations.Comment: 9 pages, 5 figures, accepted for publication in Physica