Microeconomics of the ideal gas like market models
AbstractWe develop a framework based on microeconomic theory from which the ideal gas like market models can be addressed. A kinetic exchange model based on that framework is proposed and its distributional features have been studied by considering its moments. Next, we derive the moments of the CC model (Eur. Phys. J. B 17 (2000) 167) as well. Some precise solutions are obtained which conform with the solutions obtained earlier. Finally, an output market is introduced with global price determination in the model with some necessary modifications.
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Bibliographic InfoArticle provided by Elsevier in its journal Physica A: Statistical Mechanics and its Applications.
Volume (Year): 388 (2009)
Issue (Month): 19 ()
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Web page: http://www.journals.elsevier.com/physica-a-statistical-mechpplications/
Economics; Econophysics; financial markets; business and management; Stochastic processes; Distribution theory and Monte Carlo studies; Kinetic theory;
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