Kinetic market models with single commodity having price fluctuations

DOI10.1140/EPJB/E2007-00011-1zbMATH Open1189.91156arXivphysics/0609069OpenAlexW3100882280MaRDI QIDQ978870FDOQ978870

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)

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.

Full work available at URL: https://arxiv.org/abs/physics/0609069

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Mathematics Subject Classification ID

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

Cites Work

• Stochastic Maps, Wealth Distribution in Random Asset Exchange Models and the Marginal Utility of Relative Wealth
• Title not available (Why is that?)
• Title not available (Why is that?)
• Statistical equilibrium wealth distributions in an exchange economy with stochastic preferences.
• Analytic Treatment of a Trading Market Model

Cited In (4)

• A self-organising model of market with single commodity
• Title not available (Why is that?)
• Kinetic model of the buyers' market
• Analytic Treatment of a Trading Market Model

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