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Econophysics, Statistical Mechanics Approach to

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  • Victor M. Yakovenko

Abstract

This is a review article for Encyclopedia of Complexity and System Science, to be published by Springer http://refworks.springer.com/complexity/. The paper reviews statistical models for money, wealth, and income distributions developed in the econophysics literature since late 1990s.

Suggested Citation

  • Victor M. Yakovenko, 2007. "Econophysics, Statistical Mechanics Approach to," Papers 0709.3662, arXiv.org, revised Aug 2008.
    • Handle: RePEc:arx:papers:0709.3662
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    File URL: http://arxiv.org/pdf/0709.3662
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    References listed on IDEAS

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    1. Martin Shubik, 2000. "The Theory of Money," Working Papers 00-03-021, Santa Fe Institute.
    2. Hu, Mao-Bin & Jiang, Rui & Wu, Qing-Song & Wu, Yong-Hong, 2007. "Simulating the wealth distribution with a Richest-Following strategy on scale-free network," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 381(C), pages 467-472.
    3. Mantegna,Rosario N. & Stanley,H. Eugene, 2007. "Introduction to Econophysics," Cambridge Books, Cambridge University Press, number 9780521039871.
    4. Solomon, Sorin & Richmond, Peter, 2001. "Power laws of wealth, market order volumes and market returns," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 299(1), pages 188-197.
    5. Silver, Jonathan & Slud, Eric & Takamoto, Keiji, 2002. "Statistical Equilibrium Wealth Distributions in an Exchange Economy with Stochastic Preferences," Journal of Economic Theory, Elsevier, vol. 106(2), pages 417-435, October.
    6. Marco Raberto & Silvano Cincotti & Sergio Focardi & Michele Marchesi, 2003. "Traders' Long-Run Wealth in an Artificial Financial Market," Computational Economics, Springer;Society for Computational Economics, vol. 22(2), pages 255-272, October.
    7. Xi, Ning & Ding, Ning & Wang, Yougui, 2005. "How required reserve ratio affects distribution and velocity of money," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 357(3), pages 543-555.
    8. Fischer, Robert & Braun, Dieter, 2003. "Transfer potentials shape and equilibrate monetary systems," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 321(3), pages 605-618.
    9. Stanley, H.E. & Afanasyev, V. & Amaral, L.A.N. & Buldyrev, S.V. & Goldberger, A.L. & Havlin, S. & Leschhorn, H. & Maass, P. & Mantegna, R.N. & Peng, C.-K. & Prince, P.A. & Salinger, M.A. & Stanley, M., 1996. "Anomalous fluctuations in the dynamics of complex systems: from DNA and physiology to econophysics," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 224(1), pages 302-321.
    10. Fischer, Robert & Braun, Dieter, 2003. "Nontrivial bookkeeping: a mechanical perspective," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 324(1), pages 266-271.
    11. Ausloos, Marcel & Pe¸kalski, Andrzej, 2007. "Model of wealth and goods dynamics in a closed market," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 373(C), pages 560-568.
    12. Galam, Serge, 2004. "Sociophysics: a personal testimony," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 336(1), pages 49-55.
    13. Ning Xi & Ning Ding & Yougui Wang, 2005. "How Required Reserve Ratio Affects Distribution and Velocity of Money," Papers physics/0507160, arXiv.org.
    14. Chakraborti, Anirban & Pradhan, Srutarshi & Chakrabarti, Bikas K., 2001. "A self-organising model of market with single commodity," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 297(1), pages 253-259.
    15. S. Ispolatov & P.L. Krapivsky & S. Redner, 1998. "Wealth distributions in asset exchange models," The European Physical Journal B: Condensed Matter and Complex Systems, Springer;EDP Sciences, vol. 2(2), pages 267-276, March.
    16. Ball, Philip, 2002. "The physical modelling of society: a historical perspective," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 314(1), pages 1-14.
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    Cited by:

    1. Christophe Schinckus & Çınla Akdere, 2015. "Towards a New Way of Teaching Statistics in Economics: The Case for Econophysics," Ekonomi-tek - International Economics Journal, Turkish Economic Association, vol. 4(3), pages 89-108, September.

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