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An almost linear stochastic map related to the particle system models of social sciences

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  • Anindya S. Chakrabarti

Abstract

We propose a stochastic map model of economic dynamics. In the last decade, an array of observations in economics has been investigated in the econophysics literature, a major example being the universal features of inequality in terms of income and wealth. Another area of inquiry is the formation of opinion in a society. The proposed model attempts to produce positively skewed distributions and the power law distributions as has been observed in the real data of income and wealth. Also, it shows a non-trivial phase transition in the opinion of a society (opinion formation). A number of physical models also generates similar results. In particular, the kinetic exchange models have been especially successful in this regard. Therefore, we compare the results obtained from these two approaches and discuss a number of new features and drawbacks of this model.

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  • Anindya S. Chakrabarti, 2011. "An almost linear stochastic map related to the particle system models of social sciences," Papers 1101.3617, arXiv.org, revised Mar 2011.
  • Handle: RePEc:arx:papers:1101.3617
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    1. Guillaume Deffuant & Frederic Amblard & Gérard Weisbuch, 2002. "How Can Extremism Prevail? a Study Based on the Relative Agreement Interaction Model," Journal of Artificial Societies and Social Simulation, Journal of Artificial Societies and Social Simulation, vol. 5(4), pages 1-1.
    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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    Cited by:

    1. Chakrabarti, Anindya S., 2012. "Effects of the turnover rate on the size distribution of firms: An application of the kinetic exchange models," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 391(23), pages 6039-6050.

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