Boltzmann-Gibbs distribution of fortune and broken time reversible symmetry in econodynamics

DOI10.1016/J.CNSNS.2005.07.004zbMATH Open1273.91353arXivphysics/0506103OpenAlexW2031440659MaRDI QIDQ868055FDOQ868055

Authors: Ping Ao 

Publication date: 19 February 2007

Published in: Communications in Nonlinear Science and Numerical Simulation (Search for Journal in Brave)

Abstract: Within the description of stochastic differential equations it is argued that the existence of Boltzmann-Gibbs type distribution in economy is independent of the time reversal symmetry in econodynamics. Both power law and exponential distributions can be accommodated by it. The demonstration is based on a mathematical structure discovered during a study in gene regulatory network dynamics. Further possible analogy between equilibrium economy and thermodynamics is explored.

Full work available at URL: https://arxiv.org/abs/physics/0506103

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zbMATH Keywords

stochastic processeseconophysicsBoltzman-Gibbs distributionbroken time reversible symmetrydynamics of social systems

Mathematics Subject Classification ID

Social networks; opinion dynamics (91D30) Applications of statistical and quantum mechanics to economics (econophysics) (91B80) Applications of stochastic analysis (to PDEs, etc.) (60H30)

Cites Work

• The pricing of options and corporate liabilities
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• Theory of Financial Risk and Derivative Pricing
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• ON THE STATISTICAL PHYSICS CONTRIBUTION TO QUANTITATIVE FINANCE
• The extension of classical dynamics for unstable Hamiltonian systems

Cited In (2)

• CAN STATISTICAL PHYSICS CONTRIBUTE TO THE SCIENCE OF ECONOMICS?
• Price equations with symmetric supply/demand; implications for fat tails

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