Relaxation in statistical many-agent economy models

DOI10.1140/EPJB/E2007-00122-7MaRDI QIDQ978830zbMATH OpenOpenAlexFDO

Authors Marco Patriarca, Anirban Chakraborti, Els Heinsalu, Guido Germano

Publication date 25 June 2010

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

Full work available at URL https://arxiv.org/abs/physics/0608174

Mathematics Subject Classification ID

Applications of statistics to actuarial sciences and financial mathematics (62P05) Economic time series analysis (91B84) Characterization and structure theory of statistical distributions (62E10) Applications of statistical and quantum mechanics to economics (econophysics) (91B80)

Abstract: We review some statistical many-agent models of economic and social systems inspired by microscopic molecular models and discuss their stochastic interpretation. We apply these models to wealth exchange in economics and study how the relaxation process depends on the parameters of the system, in particular on the saving propensities that define and diversify the agent profiles.

Recommendations

• Exponential and algebraic relaxation in kinetic models for wealth distribution
• Statistical equilibrium wealth distributions in an exchange economy with stochastic preferences.
• Analysis of a model for wealth redistribution
• Some kinetic models for a market economy
• Statistical mechanics of socio-economic systems with heterogeneous agents

Cites work

• scientific article; zbMATH DE number 46777 (Why is no real title available?)
• The Statistical Signature of Pervasive Competition on Wage and Salary Incomes

Cited in

(4)

• Basic kinetic wealth-exchange models: common features and open problems
• scientific article; zbMATH DE number 4010156 (Why is no real title available?)
• Kinetic models of immediate exchange
• On steady distributions of kinetic models of conservative economies

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