Universal Growth in Production Economies
Authors: Simina Branzei, Ruta Mehta, Noam Nisan
NeurIPS 2018 | Conference PDF | Archive PDF | Plain Text | LLM Run Details
| Reproducibility Variable | Result | LLM Response |
|---|---|---|
| Research Type | Theoretical | We study a simple variant of the von Neumann model of an expanding economy, in which multiple producers make goods according to their endowed production function. The players trade their goods at the market and then use the bundles acquired as inputs for the production in the next round. The decision that players have to make is how to invest their money (i.e. bids) in each round. We show that a simple decentralized dynamic, where players update their bids proportionally to how useful the investments were in the past round, leads to growth of the economy in the long term (whenever growth is possible) but also creates unbounded inequality, i.e. very rich and very poor players emerge. We analyze several other phenomena, such as how the relation of a player with others influences its development and the Gini index of the system. |
| Researcher Affiliation | Collaboration | Simina Brânzei Purdue University simina@purdue.edu; Ruta Mehta University of Illinois, Urbana-Champaign rutamehta@illinois.edu; Noam Nisan Hebrew University and Microsoft Research noam@cs.huji.ac.il |
| Pseudocode | No | The provided text is an abstract and introductory section. It does not contain any pseudocode or clearly labeled algorithm blocks. |
| Open Source Code | No | The paper provides a link to its full version on arXiv (https://arxiv.org/abs/1802.07385), which is the paper itself, not source code for the methodology. |
| Open Datasets | No | The paper discusses a theoretical model and analysis of economic dynamics, not the use of a dataset for training. Therefore, there is no mention of dataset availability. |
| Dataset Splits | No | The paper discusses a theoretical model and analysis of economic dynamics, and does not mention any training, validation, or test dataset splits. |
| Hardware Specification | No | The provided text, which is the abstract and introductory section, does not contain any specific details about the hardware used for experiments, such as GPU/CPU models or cloud resources. |
| Software Dependencies | No | The provided text does not mention any specific software dependencies or their version numbers that would be needed to replicate the work. |
| Experiment Setup | No | The provided text, which is an abstract and introductory section, does not contain any specific details about experimental setup, such as hyperparameters or training configurations. |