Relaxation in statistical many-agent economy models

DOI10.1140/EPJB/E2007-00122-7zbMATH Open1189.91166arXivphysics/0608174OpenAlexW2140724170MaRDI QIDQ978830FDOQ978830

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)

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.

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

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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)

Cites Work

• Title not available (Why is that?)
• The Statistical Signature of Pervasive Competition on Wage and Salary Incomes

Cited In (4)

• Basic kinetic wealth-exchange models: common features and open problems
• Title not available (Why is that?)
• Kinetic models of immediate exchange
• On steady distributions of kinetic models of conservative economies

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