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Microeconomics of the ideal gas like market models

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  • Chakrabarti, Anindya S.
  • Chakrabarti, Bikas K.
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    Abstract

    We 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 Info

    Article provided by Elsevier in its journal Physica A: Statistical Mechanics and its Applications.

    Volume (Year): 388 (2009)
    Issue (Month): 19 ()
    Pages: 4151-4158

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    Handle: RePEc:eee:phsmap:v:388:y:2009:i:19:p:4151-4158

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    Web page: http://www.journals.elsevier.com/physica-a-statistical-mechpplications/

    Related research

    Keywords: Economics; Econophysics; financial markets; business and management; Stochastic processes; Distribution theory and Monte Carlo studies; Kinetic theory;

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    Cited by:
    1. Sylvain Barde, 2012. "Back to the future: economic rationality and maximum entropy prediction," Studies in Economics, Department of Economics, University of Kent 1202, Department of Economics, University of Kent.
    2. Maria Letizia Bertotti & Giovanni Modanese, 2011. "From microscopic taxation and redistribution models to macroscopic income distributions," Papers 1109.0606, arXiv.org.
    3. Victor M. Yakovenko, 2012. "Applications of statistical mechanics to economics: Entropic origin of the probability distributions of money, income, and energy consumption," Papers 1204.6483, arXiv.org.
    4. Anirban Chakraborti & Ioane Muni Toke & Marco Patriarca & Frédéric Abergel, 2011. "Econophysics: agent-based models," Post-Print hal-00621059, HAL.
    5. Chakrabarti, Anindya S., 2012. "Effects of the turnover rate on the size distribution of firms: An application of the kinetic exchange models," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 391(23), pages 6039-6050.
    6. Kantar, Ersin & Keskin, Mustafa, 2013. "The relationships between electricity consumption and GDP in Asian countries, using hierarchical structure methods," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 392(22), pages 5678-5684.
    7. Baaquie, Belal E., 2013. "Statistical microeconomics," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 392(19), pages 4400-4416.
    8. Kaldasch, Joachim, 2012. "Evolutionary Model of the Personal Income Distribution," MPRA Paper 37865, University Library of Munich, Germany.
    9. Bertotti, Maria Letizia & Modanese, Giovanni, 2011. "From microscopic taxation and redistribution models to macroscopic income distributions," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 390(21), pages 3782-3793.
    10. Anindya S. Chakrabarti, 2011. "Firm dynamics in a closed, conserved economy: A model of size distribution of employment and related statistics," Papers 1112.2168, arXiv.org.
    11. Chakrabarti, Anindya S. & Chakrabarti, Bikas K., 2010. "Inequality reversal: Effects of the savings propensity and correlated returns," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 389(17), pages 3572-3579.
    12. Belal E. Baaquie, 2012. "Statistical Microeconomics," Papers 1211.7172, arXiv.org.

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