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Age and market capitalization drive large price variations of cryptocurrencies
Arthur A. B. Pessa, Matjaž Perc, Haroldo V. Ribeiro, 2023, izvirni znanstveni članek

Opis: Cryptocurrencies are considered the latest innovation in finance with considerable impact across social, technological, and economic dimensions. This new class of financial assets has also motivated a myriad of scientific investigations focused on understanding their statistical properties, such as the distribution of price returns. However, research so far has only considered Bitcoin or at most a few cryptocurrencies, whilst ignoring that price returns might depend on cryptocurrency age or be influenced by market capitalization. Here, we therefore present a comprehensive investigation of large price variations for more than seven thousand digital currencies and explore whether price returns change with the coming-of-age and growth of the cryptocurrency market. We find that tail distributions of price returns follow power-law functions over the entire history of the considered cryptocurrency portfolio, with typical exponents implying the absence of characteristic scales for price variations in about half of them. Moreover, these tail distributions are asymmetric as positive returns more often display smaller exponents, indicating that large positive price variations are more likely than negative ones. Our results further reveal that changes in the tail exponents are very often simultaneously related to cryptocurrency age and market capitalization or only to age, with only a minority of cryptoassets being affected just by market capitalization or neither of the two quantities. Lastly, we find that the trends in power-law exponents usually point to mixed directions, and that large price variations are likely to become less frequent only in about 28% of the cryptocurrencies as they age and grow in market capitalization.
Ključne besede: cryptocurrency, price variation, market value, econophysics
Objavljeno v DKUM: 25.03.2024; Ogledov: 91; Prenosov: 7
.pdf Celotno besedilo (2,00 MB)
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Probabilistic sharing solves the problem of costly punishment
Xiaojie Chen, Attila Szolnoki, Matjaž Perc, 2014, izvirni znanstveni članek

Opis: Cooperators that refuse to participate in sanctioning defectors create the secondorder free-rider problem. Such cooperators will not be punished because they contribute to the public good, but they also eschew the costs associated with punishing defectors. Altruistic punishers - those that cooperate and punish - are at a disadvantage, and it is puzzling how such behaviour has evolved. We show that sharing the responsibility to sanction defectors rather than relying on certain individuals to do so permanently can solve the problem of costly punishment. Inspired by the fact that humans have strong but also emotional tendencies for fair play, we consider probabilistic sanctioning as the simplest way of distributing the duty. In well-mixed populations the public goods game is transformed into a coordination game with full cooperation and defection as the two stable equilibria, while in structured populations pattern formation supports additional counterintuitive solutions that are reminiscent of Parrondoʼs paradox.
Ključne besede: social dynamics, networks, punishment, public goods, econophysics
Objavljeno v DKUM: 03.07.2017; Ogledov: 1129; Prenosov: 399
.pdf Celotno besedilo (1,52 MB)
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Costly hide and seek pays : unexpected consequences of deceit in a social dilemma
Attila Szolnoki, Matjaž Perc, 2014, izvirni znanstveni članek

Opis: Deliberate deceptiveness intended to gain an advantage is commonplace in human and animal societies. In a social dilemma, an individual may only pretend to be a cooperator to elicit cooperation from others, while in reality he is a defector. With this as motivation, we study a simple variant of the evolutionary prisonerʼs dilemma game entailing deceitful defectors and conditional cooperators that lifts the veil on the impact of such two-faced behavior. Defectors are able to hide their true intentions at a personal cost, while conditional cooperators are probabilistically successful at identifying defectors and act accordingly. By focusing on the evolutionary outcomes in structured populations, we observe a number of unexpected and counterintuitive phenomena. We show that deceitful behavior may fare better if it is costly, and that a higher success rate of identifying defectors does not necessarily favor cooperative behavior. These results are rooted in the spontaneous emergence of cycling dominance and spatial patterns that give rise to fascinating phase transitions, which in turn reveal the hidden complexity behind the evolution of deception.
Ključne besede: social dynamics, deceit, evolutionary games, public goods, econophysics, cooperation
Objavljeno v DKUM: 30.06.2017; Ogledov: 1038; Prenosov: 171
.pdf Celotno besedilo (580,42 KB)
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