Money exchange model and a general outlook
AbstractThe kinetic gas theory, like the two-agent money exchange model, recently introduced in the econophysics of wealth distributions, is revisited. The emergence of a Boltzmann–Gibbs-like distribution of money into Pareto's law in the tail of the distribution is examined in terms of a 2×2 transition matrix with a general and simplified outlook. Some additional interesting results are also reported.
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Bibliographic InfoArticle provided by Elsevier in its journal Physica A: Statistical Mechanics and its Applications.
Volume (Year): 359 (2006)
Issue (Month): C ()
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Web page: http://www.journals.elsevier.com/physica-a-statistical-mechpplications/
Wealth distribution; Econophysics; Kinetic theory; Transition matrix; Random trading;
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- Bertram Düring & Daniel Matthes & Giuseppe Toscani, 2008. "A Boltzmann-type Approach to the Formation of Wealth Distribution Curves," CoFE Discussion Paper 08-05, Center of Finance and Econometrics, University of Konstanz.
- Schinckus, C., 2013. "Between complexity of modelling and modelling of complexity: An essay on econophysics," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 392(17), pages 3654-3665.
- G. Toscani & C. Brugna & S. Demichelis, 2012. "Kinetic models for the trading of goods," Papers 1208.6305, arXiv.org.
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