Active Particles Methods in Economics: New Perspectives in the Interaction between Mathematics and Economics

The aim of this Element is to understand how far mathematical theories based on active particles methods have been applied to describe the dynamics of complex systems in economics, and to look forward to further research perspectives in the interaction between mathematics and economics. The mathematical theory of active particles and the theory of behavioral swarms are selected for the above interaction. The mathematical approach considered in this work takes into account the complexity of living systems, which is a key feature of behavioral economics. The modeling and simulation of the dynamics of prices within a heterogeneous population is reviewed to show how mathematical tools can be used in real applications.