Relaxation in statistical many-agent economy models

Abstract.We review some statistical many-agent models of economic and social systems inspired by microscopic molecular models and discuss their stochastic interpretation. We apply these models to wealth exchange in economics and study how the relaxation process depends on the parameters of the system, in particular on the saving propensities that define and diversify the agent profiles.

[1]  S. S. Manna,et al.  Detailed simulation results for some wealth distribution models in Econophysics , 2005, physics/0504161.

[2]  Bikas K. Chakrabarti,et al.  Pareto Law in a Kinetic Model of Market with Random Saving Propensity , 2004 .

[3]  J. Banavar,et al.  Computer Simulation of Liquids , 1988 .

[4]  Bikas K. Chakrabarti,et al.  Statistical mechanics of money: how saving propensity affects its distribution , 2000, cond-mat/0004256.

[5]  Bikas K. Chakrabarti,et al.  Money in Gas-Like Markets: Gibbs and Pareto Laws , 2003 .

[6]  J. Angle.  The Surplus Theory of Social Stratification and the Size Distribution of Personal Wealth , 1986 .

[7]  K. Kaski,et al.  Kinetic Theory Models for the Distribution of Wealth: Power Law from Overlap of Exponentials , 2005, physics/0504153.

[8]  Arnab Das,et al.  An analytic treatment of the Gibbs–Pareto behavior in wealth distribution , 2005 .

[9]  Arnab Chatterjee,et al.  Master equation for a kinetic model of a trading market and its analytic solution. , 2005, Physical review. E, Statistical, nonlinear, and soft matter physics.

[10]  Anirban Chakraborti,et al.  DISTRIBUTIONS OF MONEY IN MODEL MARKETS OF ECONOMY , 2002 .

[11]  Bikas K. Chakrabarti,et al.  Econophysics of Wealth Distributions , 2005 .

[12]  Giuseppe Toscani,et al.  A Boltzmann-Type Approach to the Formation of Wealth Distribution Curves , 2008 .

[13]  Gibbs versus non-Gibbs distributions in money dynamics , 2003, cond-mat/0312167.

[14]  Charles Gide,et al.  Cours d'économie politique , 1911 .

[15]  Kimmo Kaski,et al.  Statistical model with a standard Gamma distribution. , 2004, Physical review. E, Statistical, nonlinear, and soft matter physics.

[16]  J. Angle.  The Inequality Process as a wealth maximizing process , 2005 .

[17]  Guido Germano,et al.  Influence of saving propensity on the power-law tail of the wealth distribution , 2006 .

[18]  Victor M. Yakovenko,et al.  Statistical mechanics of money , 2000 .

[19]  J. Angle,et al.  The Statistical Signature of Pervasive Competition on Wage and Salary Incomes , 2002 .

[20]  Dynamics of Money and Income Distributions , 2004, cond-mat/0407770.

[21]  A distribution function analysis of wealth distribution , 2003, cond-mat/0310343.