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Introducing Chaos in Economic Gas-like Models

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  • C. Pellicer-Lostao
  • R. Lopez-Ruiz

Abstract

This paper considers ideal gas-like models of trading markets, where each agent is identified as a gas molecule that interacts with others trading in elastic or money-conservative collisions. Traditionally, these models introduce different rules of random selection and exchange between pair agents. Unlike these traditional models, this work introduces a chaotic procedure able of breaking the pairing symmetry of agents (i,j)->(j,i). Its results show that, the asymptotic money distributions of a market under chaotic evolution can exhibit a transition from Gibbs to Pareto distributions, as the pairing symmetry is progressively broken.

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  • C. Pellicer-Lostao & R. Lopez-Ruiz, 2009. "Introducing Chaos in Economic Gas-like Models," Papers 0904.0344, arXiv.org.
    • Handle: RePEc:arx:papers:0904.0344
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    File URL: http://arxiv.org/pdf/0904.0344
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