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28 March 2024
 
  » arxiv » cond-mat/0501413

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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
AbstractWe 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
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