Statistical equilibrium in simple exchange games I
Simple stochastic exchange games are based on random allocation of finite resources. These games are Markov chains that can be studied either analytically or by Monte Carlo simulations. In particular, the equilibrium distribution can be derived either by direct diagonalization of the transition matrix, or using the detailed balance equation, or by Monte Carlo estimates. In this paper, these methods are introduced and applied to the Bennati-Dragulescu-Yakovenko (BDY) game. The exact analysis shows that the statistical-mechanical analogies used in the previous literature have to be revised. Copyright EDP Sciences/Società Italiana di Fisica/Springer-Verlag 2006
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Volume (Year): 53 (2006)
Issue (Month): 2 (09)
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References listed on IDEAS
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- Giulio Bottazzi & Giovanni Dosi & Giorgio Fagiolo & Angelo Secchi, 2004.
"Sectoral and Geographical Specificities in the Spatial Structure of Economic Activities,"
LEM Papers Series
2004/21, Laboratory of Economics and Management (LEM), Sant'Anna School of Advanced Studies, Pisa, Italy.
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- McCauley, Joseph L., 2006. "Response to worrying trends in econophysics," MPRA Paper 2129, University Library of Munich, Germany.
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