Basic kinetic wealth-exchange models: common features and open problems
From MaRDI portal
Publication:977590
DOI10.1140/EPJB/E2009-00418-6zbMATH Open1188.91156arXivphysics/0611245OpenAlexW2139306084MaRDI QIDQ977590FDOQ977590
Marco Patriarca, Els Heinsalu, Anirban Chakraborti
Publication date: 22 June 2010
Published in: The European Physical Journal B. Condensed Matter and Complex Systems (Search for Journal in Brave)
Abstract: We review the basic kinetic wealth-exchange models of Angle [J. Angle, Social Forces 65 (1986) 293; J. Math. Sociol. 26 (2002) 217], Bennati [E. Bennati, Rivista Internazionale di Scienze Economiche e Commerciali 35 (1988) 735], Chakraborti and Chakrabarti [A. Chakraborti, B. K. Chakrabarti, Eur. Phys. J. B 17 (2000) 167], and of Dragulescu and Yakovenko [A. Dragulescu, V. M. Yakovenko, Eur. Phys. J. B 17 (2000) 723]. Analytical fitting forms for the equilibrium wealth distributions are proposed. The influence of heterogeneity is investigated, the appearance of the fat tail in the wealth distribution and the relaxation to equilibrium are discussed. A unified reformulation of the models considered is suggested.
Full work available at URL: https://arxiv.org/abs/physics/0611245
Cites Work
- Introduction to Econophysics
- On a kinetic model for a simple market economy
- On steady distributions of kinetic models of conservative economies
- On the solutions of quasilinear elliptic equations with a polynomial-type reaction term
- Exponential and power-law probability distributions of wealth and income in the United Kingdom and the United States
- Power laws of wealth, market order volumes and market returns
- The Pareto-Levy Law and the Distribution of Income
- Growth and fluctuations of personal income
- Statistical equilibrium in simple exchange games II. The redistribution game
- Erratum: Statistical equilibrium in simple exchange games. I
- A note on certain singular integral equations with kernels \(K(z,\zeta)/(z-\zeta)\)
- The physical modelling of society: A historical perspective
- Growth and fluctuations of personal and company's income
- Biology, sociology, geology by computational physicists
- Title not available (Why is that?)
- Title not available (Why is that?)
- The Statistical Signature of Pervasive Competition on Wage and Salary Incomes
- Relaxation in statistical many-agent economy models
Cited In (14)
- Between complexity of modelling and modelling of complexity: an essay on econophysics
- Optimal risk in wealth exchange models: agent dynamics from a microscopic perspective
- Self-similar solutions in one-dimensional kinetic models: a probabilistic view
- Nonlinear redistribution of wealth from a stochastic approach
- Stochastic models with multiplicative noise for economic inequality and mobility
- Kinetic models of immediate exchange
- The immediate exchange model: an analytical investigation
- A combined model of aggregation, fragmentation, and exchange processes: insights from analytical calculations
- On growth-optimal tax rates and the issue of wealth inequalities
- Wealth distribution and collective knowledge: a Boltzmann approach
- From a stochastic model of economic exchange to measures of inequality
- Wealth concentration in systems with unbiased binary exchanges
- The origins of extreme wealth inequality in the talent versus luck model
- In Search of H-theorem for Ulam’s Redistribution of Energy Problem
This page was built for publication: Basic kinetic wealth-exchange models: common features and open problems
Report a bug (only for logged in users!)Click here to report a bug for this page (MaRDI item Q977590)
