Kinetic market models with single commodity having price fluctuations

DOI10.1140/EPJB/E2007-00011-1MaRDI QIDQ978870zbMATH OpenOpenAlexFDO

Authors J. Martínez

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/0609069

Mathematics Subject Classification ID

Economic time series analysis (91B84) Applications of statistical and quantum mechanics to economics (econophysics) (91B80) Trade models (91B60)

Abstract: We study here numerically the behavior of an ideal gas like model of markets having only one non-consumable commodity. We investigate the behavior of the steady-state distributions of money, commodity and total wealth, as the dynamics of trading or exchange of money and commodity proceeds, with local (in time) fluctuations in the price of the commodity. These distributions are studied in markets with agents having uniform and random saving factors. The self-organizing features in money distribution are similar to the cases without any commodity (or with consumable commodities), while the commodity distribution shows an exponential decay. The wealth distribution shows interesting behavior: Gamma like distribution for uniform saving propensity and has the same power-law tail, as that of the money distribution, for a market with agents having random saving propensity.

Recommendations

• Some kinetic models for a market economy
• On a kinetic model for a simple market economy
• A self-organising model of market with single commodity
• On steady distributions of kinetic models of conservative economies
• Kinetic models of immediate exchange

Cites work

• scientific article; zbMATH DE number 5178093 (Why is no real title available?)
• scientific article; zbMATH DE number 1059167 (Why is no real title available?)
• Analytic Treatment of a Trading Market Model
• Statistical equilibrium wealth distributions in an exchange economy with stochastic preferences.
• Stochastic Maps, Wealth Distribution in Random Asset Exchange Models and the Marginal Utility of Relative Wealth

Cited in

(4)

• A self-organising model of market with single commodity
• scientific article; zbMATH DE number 125842 (Why is no real title available?)
• Kinetic model of the buyers' market
• Analytic Treatment of a Trading Market Model

This page was built for publication: Kinetic market models with single commodity having price fluctuations

Report a bug (only for logged in users!)Click here to report a bug for this page (MaRDI item Q978870)