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Explicit equilibria in a kinetic model of gambling

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  • Federico Bassetti
  • Giuseppe Toscani
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    Abstract

    We introduce and discuss a nonlinear kinetic equation of Boltzmann type which describes the evolution of wealth in a pure gambling process, where the entire sum of wealths of two agents is up for gambling, and randomly shared between the agents. For this equation the analytical form of the steady states is found for various realizations of the random fraction of the sum which is shared to the agents. Among others, Gibbs distribution appears as steady state in case of a uniformly distributed random fraction, while Gamma distribution appears for a random fraction which is Beta distributed. The case in which the gambling game is only conservative-in-the-mean is shown to lead to an explicit heavy tailed distribution.

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    File URL: http://arxiv.org/pdf/1002.3689
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    Paper provided by arXiv.org in its series Papers with number 1002.3689.

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    Date of creation: Feb 2010
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    Handle: RePEc:arx:papers:1002.3689

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