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Statistical mechanics of money, debt, and energy consumption

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  • Victor M. Yakovenko
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    Abstract

    We briefly review statistical models for the probability distribution of money developed in the econophysics literature since the late 1990s. In these models, economic transactions are modeled as random transfers of money between the agents in payment for goods and services. We focus on conceptual foundations for this approach, on the issues of money conservation and debt, and present new results for the energy consumption distribution around the world.

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    File URL: http://arxiv.org/pdf/1008.2179
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    Bibliographic Info

    Paper provided by arXiv.org in its series Papers with number 1008.2179.

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    Date of creation: Aug 2010
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    Publication status: Published in Science and Culture 76 (9-10), 430-436 (2010)
    Handle: RePEc:arx:papers:1008.2179

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    Web page: http://arxiv.org/

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    Cited by:
    1. 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.

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