Statistical microeconomics

DOI10.1016/J.PHYSA.2013.05.008MaRDI QIDQ1673200zbMATH OpenOpenAlexFDO

Authors Belal E. Baaquie

Publication date 11 September 2018

Published in Physica A (Search for Journal in Brave)

Full work available at URL https://arxiv.org/abs/1211.7172

zbMATH Keywords

econophysics

Mathematics Subject Classification ID

Kinetic theory of gases in time-dependent statistical mechanics (82C40) Applications of statistical and quantum mechanics to economics (econophysics) (91B80)

Abstract: A statistical generalization is made of microeconomics in the spirit of going from classical to statistical mechanics. The price and quantity of every commodity1 traded in the market, at each instant of time, is considered to be an independent random variable: all prices and quantities are considered to be stochastic processes, with the observed market prices being a random sample of the stochastic prices. The dynamics of market prices is determined by an action functional and, for concreteness, a specific model is proposed. The model can be calibrated from the unequal time correlation of the market commodity prices. A perturbation expansion for the correlation functions is defined in powers of the inverse of the total budget of the aggregate consumer and the propagator for the market prices is evaluated.

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Cites work

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Cited in

(15)

• Empirical microeconomics action functionals
• Multiple commodities in statistical microeconomics: model and market
• Economic systems analysis: statistical indicators
• Emergent organization in a model market
• Statistical field theory of futures commodity prices
• A statistical model of the firm
• The use of action functionals within the quantum-like paradigm
• Statistical microeconomics and commodity prices: theory and empirical results
• Links between fluid mechanics and quantum mechanics: a model for information in economics?
• Mathematical modelling of economic processes by methods of nonequilibrium statistical mechanics
• Finite Sample Econometrics
• Descriptive statistics and statistics of economics
• Using empirical data to estimate potential functions in commodity markets: some initial results
• Microeconometric models and anonymized micro data
• Potential functions and the characterization of economics-based information

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