Erratum: Statistical equilibrium in simple exchange games. I

DOI10.1140/EPJB/E2007-00345-6zbMATH Open1189.91128arXivphysics/0608215OpenAlexW3105007811MaRDI QIDQ978730FDOQ978730

Enrico Scalas, U. Garibaldi, Sébastien Donadio

Publication date: 25 June 2010

Published in: The European Physical Journal B. Condensed Matter and Complex Systems (Search for Journal in Brave)

Abstract: Simple stochastic exchange games are based on random allocation of finite resources. These games are Markov chains that can be studied either analytically or by Monte Carlo simulations. In particular, the equilibrium distribution can be derived either by direct diagonalization of the transition matrix, or using the detailed balance equation, or by Monte Carlo estimates. In this paper, these methods are introduced and applied to the Bennati-Dragulescu-Yakovenko (BDY) game. The exact analysis shows that the statistical-mechanical analogies used in the previous literature have to be revised.

Full work available at URL: https://arxiv.org/abs/physics/0608215

Mathematics Subject Classification ID

Applications of statistical and quantum mechanics to economics (econophysics) (91B80) Stochastic games, stochastic differential games (91A15)

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• Basic kinetic wealth-exchange models: common features and open problems
• Fokker–Planck equations in the modeling of socio-economic phenomena
• Between complexity of modelling and modelling of complexity: an essay on econophysics
• Kinetic modeling of alcohol consumption
• A statistical mechanic view of macro-dynamics in economics
• Erratum to: ``Marginalist and efficient values for TU games [Math. Social. Sci. 38 (1) (1999) 45-54]
• ERRATUM: OPTIMAL CHECKS AND BALANCES UNDER POLICY UNCERTAINTY
• Errata: ``Communication, coordination and Nash equilibrium
• Wealth distribution and collective knowledge: a Boltzmann approach
• Human behavior and lognormal distribution. A kinetic description
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