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Article overview
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Master equation for a kinetic model of trading market and its analytic solution | Arnab Chatterjee
; Bikas K. Chakrabarti
; Robin B. Stinchcombe
; | Date: |
18 Dec 2004 | Journal: | Phys. Rev. E 72 (2005) 026126 | Subject: | Other; Statistical Mechanics; Physics and Society | cond-mat.other cond-mat.stat-mech physics.soc-ph | Abstract: | We analyze an ideal gas like model of a trading market with quenched random saving factors for its agents and show that the steady state income ($m$) distribution $P(m)$ in the model has a power law tail with Pareto index $
u$ exactly equal to unity, confirming the earlier numerical studies on this model. The analysis starts with the development of a master equation for the time development of $P(m)$. Precise solutions are then obtained in some special cases. | Source: | arXiv, cond-mat/0501413 | Services: | Forum | Review | PDF | Favorites |
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