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Statistical equilibrium in simple exchange games I

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  • E. Scalas

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  • U. Garibaldi
  • S. Donadio

Abstract

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

Suggested Citation

  • E. Scalas & U. Garibaldi & S. Donadio, 2006. "Statistical equilibrium in simple exchange games I," The European Physical Journal B: Condensed Matter and Complex Systems, Springer;EDP Sciences, vol. 53(2), pages 267-272, September.
  • Handle: RePEc:spr:eurphb:v:53:y:2006:i:2:p:267-272
    DOI: 10.1140/epjb/e2006-00355-x
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    References listed on IDEAS

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    1. Gallegati, Mauro & Keen, Steve & Lux, Thomas & Ormerod, Paul, 2006. "Worrying trends in econophysics," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 370(1), pages 1-6.
    2. McCauley, Joseph L., 2006. "Response to worrying trends in econophysics," MPRA Paper 2129, University Library of Munich, Germany.
    3. Bottazzi, Giulio & Dosi, Giovanni & Fagiolo, Giorgio & Secchi, Angelo, 2008. "Sectoral and geographical specificities in the spatial structure of economic activities," Structural Change and Economic Dynamics, Elsevier, vol. 19(3), pages 189-202, September.
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    Cited by:

    1. Giulio Bottazzi & Ugo M. Gragnolati & Fabio Vanni, 2017. "Non-linear externalities in firm localization," Regional Studies, Taylor & Francis Journals, vol. 51(8), pages 1138-1150, August.
    2. Enrico Scalas & Tijana Radivojević & Ubaldo Garibaldi, 2015. "Wealth distribution and the Lorenz curve: a finitary approach," Journal of Economic Interaction and Coordination, Springer;Society for Economic Science with Heterogeneous Interacting Agents, vol. 10(1), pages 79-89, April.
    3. Anirban Chakraborti & Ioane Muni Toke & Marco Patriarca & Frédéric Abergel, 2011. "Econophysics review: II. Agent-based models," Post-Print hal-00621059, HAL.
    4. 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 (IfW), vol. 4, pages 1-31.
    5. Victor M. Yakovenko & J. Barkley Rosser, 2009. "Colloquium: Statistical mechanics of money, wealth, and income," Papers 0905.1518, arXiv.org, revised Dec 2009.
    6. Simone Landini & Mariacristina Uberti, 2008. "A Statistical Mechanic View of Macro-dynamics in Economics," Computational Economics, Springer;Society for Computational Economics, vol. 32(1), pages 121-146, September.
    7. Bagatella-Flores, N. & Rodríguez-Achach, M. & Coronel-Brizio, H.F. & Hernández-Montoya, A.R., 2015. "Wealth distribution of simple exchange models coupled with extremal dynamics," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 417(C), pages 168-175.
    8. Scalas, Enrico & Garibaldi, Ubaldo, 2009. "A Dynamic Probabilistic Version of the Aoki-Yoshikawa Sectoral Productivity Model," Economics - The Open-Access, Open-Assessment E-Journal, Kiel Institute for the World Economy (IfW), vol. 3, pages 1-10.
    9. Lorenzo Pareschi & Giuseppe Toscani, 2014. "Wealth distribution and collective knowledge. A Boltzmann approach," Papers 1401.4550, arXiv.org.
    10. 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.

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