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Kinetic market models with single commodity having price fluctuations

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  • Arnab Chatterjee
  • Bikas K. Chakrabarti
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    Abstract

    We study here numerically the behavior of an ideal gas like model of markets having only one non-consumable commodity. We investigate the behavior of the steady-state distributions of money, commodity and total wealth, as the dynamics of trading or exchange of money and commodity proceeds, with local (in time) fluctuations in the price of the commodity. These distributions are studied in markets with agents having uniform and random saving factors. The self-organizing features in money distribution are similar to the cases without any commodity (or with consumable commodities), while the commodity distribution shows an exponential decay. The wealth distribution shows interesting behavior: Gamma like distribution for uniform saving propensity and has the same power-law tail, as that of the money distribution, for a market with agents having random saving propensity.

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    File URL: http://arxiv.org/pdf/physics/0609069
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    Bibliographic Info

    Paper provided by arXiv.org in its series Papers with number physics/0609069.

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    Date of creation: Sep 2006
    Date of revision: Dec 2006
    Publication status: Published in Eur. Phys. J. B 54 (2006) 399-404
    Handle: RePEc:arx:papers:physics/0609069

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    Web page: http://arxiv.org/

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    Cited by:
    1. Venkat Venkatasubramanian, 2010. "What is Fair Pay for Executives? An Information Theoretic Analysis of Wage Distributions," Papers 1002.2269, arXiv.org.
    2. Victor M. Yakovenko & J. Barkley Rosser, 2009. "Colloquium: Statistical mechanics of money, wealth, and income," Papers 0905.1518, arXiv.org, revised Dec 2009.

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