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Microeconomics of the ideal gas like market models

Listed author(s):
  • Chakrabarti, Anindya S.
  • Chakrabarti, Bikas K.
Registered author(s):

    We develop a framework based on microeconomic theory from which the ideal gas like market models can be addressed. A kinetic exchange model based on that framework is proposed and its distributional features have been studied by considering its moments. Next, we derive the moments of the CC model (Eur. Phys. J. B 17 (2000) 167) as well. Some precise solutions are obtained which conform with the solutions obtained earlier. Finally, an output market is introduced with global price determination in the model with some necessary modifications.

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    File URL: http://www.sciencedirect.com/science/article/pii/S0378437109004865
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    Article provided by Elsevier in its journal Physica A: Statistical Mechanics and its Applications.

    Volume (Year): 388 (2009)
    Issue (Month): 19 ()
    Pages: 4151-4158

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    Handle: RePEc:eee:phsmap:v:388:y:2009:i:19:p:4151-4158
    DOI: 10.1016/j.physa.2009.06.038
    Contact details of provider: Web page: http://www.journals.elsevier.com/physica-a-statistical-mechpplications/

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    1. Angle, John, 2006. "The Inequality Process as a wealth maximizing process," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 367(C), pages 388-414.
    2. Mas-Colell, Andreu & Whinston, Michael D. & Green, Jerry R., 1995. "Microeconomic Theory," OUP Catalogue, Oxford University Press, number 9780195102680.
    3. Arnab Chatterjee & Bikas K. Chakrabarti, 2007. "Kinetic Exchange Models for Income and Wealth Distributions," Papers 0709.1543, arXiv.org, revised Nov 2007.
    4. Urna Basu & P. K. Mohanty, 2008. "Modeling wealth distribution in growing markets," The European Physical Journal B: Condensed Matter and Complex Systems, Springer;EDP Sciences, vol. 65(4), pages 585-589, October.
    5. Arnab Chatterjee & Bikas K. Chakrabarti & Robin B. Stinchcombe, 2005. "Master equation for a kinetic model of trading market and its analytic solution," Papers cond-mat/0501413, arXiv.org, revised Aug 2005.
    6. Silver, Jonathan & Slud, Eric & Takamoto, Keiji, 2002. "Statistical Equilibrium Wealth Distributions in an Exchange Economy with Stochastic Preferences," Journal of Economic Theory, Elsevier, vol. 106(2), pages 417-435, October.
    7. Anirban Chakraborti & Bikas K. Chakrabarti, 2000. "Statistical mechanics of money: How saving propensity affects its distribution," Papers cond-mat/0004256, arXiv.org, revised Jun 2000.
    8. Chatterjee, Arnab & K. Chakrabarti, Bikas & Manna, S.S, 2004. "Pareto law in a kinetic model of market with random saving propensity," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 335(1), pages 155-163.
    9. Arnab Chatterjee & Bikas K. Chakrabarti & S. S. Manna, 2003. "Pareto Law in a Kinetic Model of Market with Random Saving Propensity," Papers cond-mat/0301289, arXiv.org, revised Jan 2004.
    10. A. Chatterjee & B. K. Chakrabarti, 2007. "Kinetic exchange models for income and wealth distributions," The European Physical Journal B: Condensed Matter and Complex Systems, Springer;EDP Sciences, vol. 60(2), pages 135-149, November.
    11. A. Chakraborti & B.K. Chakrabarti, 2000. "Statistical mechanics of money: how saving propensity affects its distribution," The European Physical Journal B: Condensed Matter and Complex Systems, Springer;EDP Sciences, vol. 17(1), pages 167-170, September.
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