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Pareto Law in a Kinetic Model of Market with Random Saving Propensity

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  • Arnab Chatterjee
  • Bikas K. Chakrabarti
  • S. S. Manna
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    Abstract

    We have numerically simulated the ideal-gas models of trading markets, where each agent is identified with a gas molecule and each trading as an elastic or money-conserving two-body collision. Unlike in the ideal gas, we introduce (quenched) saving propensity of the agents, distributed widely between the agents ($0 \le \lambda

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    File URL: http://arxiv.org/pdf/cond-mat/0301289
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    Bibliographic Info

    Paper provided by arXiv.org in its series Papers with number cond-mat/0301289.

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    Date of creation: Jan 2003
    Date of revision: Jan 2004
    Publication status: Published in Physica A v.335 (2004) p.155-163
    Handle: RePEc:arx:papers:cond-mat/0301289

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    Web page: http://arxiv.org/

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    Cited by:
    1. Coelho, Ricardo & Richmond, Peter & Barry, Joseph & Hutzler, Stefan, 2008. "Double power laws in income and wealth distributions," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 387(15), pages 3847-3851.
    2. Chakrabarti, Anindya S., 2011. "An almost linear stochastic map related to the particle system models of social sciences," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 390(23), pages 4370-4378.
    3. B. Düring & G. Toscani, 2007. "Hydrodynamics from kinetic models of conservative economies," CoFE Discussion Paper 07-06, Center of Finance and Econometrics, University of Konstanz.
    4. J. R. Iglesias & R. M. C. de Almeida, 2011. "Entropy and equilibrium state of free market models," Papers 1108.5725, arXiv.org.
    5. Yougui Wang & Ning Ding & Ning Xi, 2005. "Prospects for Money Transfer Models," Papers physics/0507161, arXiv.org.
    6. Lorenzo Pareschi & Giuseppe Toscani, 2014. "Wealth distribution and collective knowledge. A Boltzmann approach," Papers 1401.4550, arXiv.org.
    7. F. Chami Figueira & N. J. Moura Jr & Marcelo B. Ribeiro, 2010. "The Gompertz-Pareto Income Distribution," Papers 1010.1994, arXiv.org.
    8. Shu-Heng Chen & Sai-Ping Li, 2011. "Econophysics: Bridges over a Turbulent Current," Papers 1107.5373, arXiv.org.
    9. Schinckus, C., 2013. "Between complexity of modelling and modelling of complexity: An essay on econophysics," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 392(17), pages 3654-3665.
    10. Sitabhra Sinha, 2005. "The Rich Are Different!: Pareto Law from asymmetric interactions in asset exchange models," Papers physics/0504197, arXiv.org.
    11. Yougui Wang & Ning Ding, 2005. "Dynamic Process of Money Transfer Models," Papers physics/0507162, arXiv.org.
    12. Arnab Chatterjee & Bikas K Chakrabarti, 2005. "Ideal-Gas Like Markets: Effect of Savings," Papers physics/0507136, arXiv.org, revised Jul 2005.
    13. John Angle, 2007. "The Macro Model of the Inequality Process and The Surging Relative Frequency of Large Wage Incomes," Papers 0705.3430, arXiv.org.
    14. Huang, Jing & Wang, Yougui, 2014. "The time-dependent characteristics of relative mobility," Economic Modelling, Elsevier, vol. 37(C), pages 291-295.
    15. G. Toscani & C. Brugna & S. Demichelis, 2012. "Kinetic models for the trading of goods," Papers 1208.6305, arXiv.org.
    16. Chakrabarti, Anindya S. & Chakrabarti, Bikas K., 2010. "Statistical theories of income and wealth distribution," Economics - The Open-Access, Open-Assessment E-Journal, Kiel Institute for the World Economy, vol. 4(4), pages 1-31.
    17. Victor M. Yakovenko & J. Barkley Rosser, 2009. "Colloquium: Statistical mechanics of money, wealth, and income," Papers 0905.1518, arXiv.org, revised Dec 2009.
    18. Bertram Düring & Daniel Matthes & Giuseppe Toscani, 2008. "A Boltzmann-type Approach to the Formation of Wealth Distribution Curves," CoFE Discussion Paper 08-05, Center of Finance and Econometrics, University of Konstanz.
    19. N. Bagatella-Flores & M. Rodriguez-Achach & H. F. Coronel-Brizio & A. R. Hernandez-Montoya, 2014. "Wealth distribution of simple exchange models coupled with extremal dynamics," Papers 1407.7153, arXiv.org.
    20. Angle, John, 2011. "The particle system model of income and wealth more likely to imply an analogue of thermodynamics in social science," MPRA Paper 28864, University Library of Munich, Germany.
    21. Patriarca, Marco & Chakraborti, Anirban & Germano, Guido, 2006. "Influence of saving propensity on the power-law tail of the wealth distribution," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 369(2), pages 723-736.
    22. Maldarella, Dario & Pareschi, Lorenzo, 2012. "Kinetic models for socio-economic dynamics of speculative markets," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 391(3), pages 715-730.

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