Journal
COMPTES RENDUS PHYSIQUE
Volume 20, Issue 4, Pages 262-274Publisher
ACAD SCIENCES
DOI: 10.1016/j.crhy.2019.05.003
Keywords
Opinion dynamics; Noisy voter model; Aging; Phase transitions
Funding
- Agencia Estatal de Investigacion (AEI, Spain)
- Fondo Europeo de Desarrollo Regional under the Project PACSS [RTI2018-093732-B-C2]
- Spanish State Research Agency, through the Maria de Maeztu Program for units of Excellence in RD [MDM-2017-0711]
- Formacion de Profesorado Universitario program of Ministerio de Educacion, Cultura y Deportes (MECD) (Spain) [FPU14/00554]
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We consider the herding-to-non-herding transition caused by idiosyncratic choices or imperfect imitation in the context of the Kirman Model for financial markets, or equivalently the Noisy Voter Model for opinion formation. In these original models, this is a finite-size transition that disappears for a large number of agents. We show how the introduction of two different mechanisms makes this transition robust and well defined. A first mechanism is nonlinear interactions among agents taking into account the nonlinear effect of local majorities. The second one is aging, so that the longer an agent has been in a given state the more reluctant she becomes to change state. (C) 2019 Academie des sciences. Published by Elsevier Masson SAS. All rights reserved.
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