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Ideal-Gas Like Markets: Effect of Savings | Arnab Chatterjee
; Bikas K Chakrabarti
; | Date: |
18 Jul 2005 | Subject: | Physics and Society; Statistical Mechanics | physics.soc-ph cond-mat.stat-mech | Abstract: | We discuss the ideal gas like models of a trading market. The effect of savings on the distribution have been thoroughly reviewed. The market with fixed saving factors leads to a Gamma-like distribution. In a market with quenched random saving factors for its agents we show that the steady state income ($m$) distribution $P(m)$ in the model has a power law tail with Pareto index $
u$ equal to unity. We also discuss the detailed numerical results on this model. We analyze the distribution of mutual money difference and also develop a master equation for the time development of $P(m)$. Precise solutions are then obtained in some special cases. | Source: | arXiv, physics/0507136 | Services: | Forum | Review | PDF | Favorites |
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