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A mechanism to derive multi-power law functions: An application in the econophysics framework

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  • Scarfone, A.M.

Abstract

It is generally recognized that economical systems, and more in general complex systems, are characterized by power law distributions. Sometime, these distributions show a changing of the slope in the tail so that, more appropriately, they show a multi-power law behavior. We present a method to derive analytically a two-power law distribution starting from a single power law function recently obtained, in the frameworks of the generalized statistical mechanics based on the Sharma–Taneja–Mittal information measure. In order to test the method, we fit the cumulative distribution of personal income and gross domestic production of several countries, obtaining a good agreement for a wide range of data.

Suggested Citation

  • Scarfone, A.M., 2007. "A mechanism to derive multi-power law functions: An application in the econophysics framework," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 382(1), pages 271-277.
  • Handle: RePEc:eee:phsmap:v:382:y:2007:i:1:p:271-277
    DOI: 10.1016/j.physa.2007.02.075
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    Cited by:

    1. Pirvu Daniela & Barbuceanu Mircea, 2016. "Recent Contributions Of The Statistical Physics In The Research Of Banking, Stock Exchange And Foreign Exchange Markets," Annals - Economy Series, Constantin Brancusi University, Faculty of Economics, vol. 2, pages 85-92, April.
    2. Kočišová, J. & Horváth, D. & Brutovský, B., 2009. "The efficiency of individual optimization in the conditions of competitive growth," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 388(17), pages 3585-3592.

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