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Money Distributions in Chaotic Economies

  • Carmen Pellicer-Lostao
  • Ricardo Lopez-Ruiz
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    This paper considers the ideal gas-like model of trading markets, where each individual is identified as a gas molecule that interacts with others trading in elastic or money-conservative collisions. Traditionally this model introduces different rules of random selection and exchange between pair agents. Real economic transactions are complex but obviously non-random. Consequently, unlike this traditional model, this work implements chaotic elements in the evolution of an economic system. In particular, we use a chaotic signal that breaks the natural pairing symmetry $(i,j)\Leftrightarrow(j,i)$ of a random gas-like model. As a result of that, it is found that a chaotic market like this can reproduce the referenced wealth distributions observed in real economies (the Gamma, Exponential and Pareto distributions).

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    File URL: http://arxiv.org/pdf/0906.1899
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    Paper provided by arXiv.org in its series Papers with number 0906.1899.

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    Date of creation: Jun 2009
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    Handle: RePEc:arx:papers:0906.1899
    Contact details of provider: Web page: http://arxiv.org/

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    1. Sinha, Sitabhra, 2006. "Evidence for power-law tail of the wealth distribution in India," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 359(C), pages 555-562.
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