Kinetic Exchange Models for Income and Wealth Distributions

Abstract

Increasingly, a huge amount of statistics have been gathered which clearly indicates that income and wealth distributions in various countries or societies follow a robust pattern, close to the Gibbs distribution of energy in an ideal gas in equilibrium. However, it also deviates in the low income and more significantly for the high income ranges. Application of physics models provides illuminating ideas and understanding, complementing the observations.

15 pages, 20 eps figures, EPJ class; To be published as "Colloquium" in Eur Phys J B

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Cited by in corpus (70)

• Colloquium: Statistical mechanics of money, wealth, and income
• Disorder induced phase transition in kinetic models of opinion dynamics
• Opinion formation in the kinetic exchange models: Spontaneous symmetry breaking transition
• City Size Distributions For India and China
• Microeconomics of the ideal gas like market models
• Kinetic models for the trading of goods
• Socio-economic inequality: Relationship between Gini and Kolkata indices
• Mean field solutions of kinetic exchange opinion models
• Disorder induced phase transition in an opinion dynamics model: results in 2 and 3 dimensions
• Modeling of income distribution in the European Union with the Fokker-Planck equation
• From microscopic taxation and redistribution models to macroscopic income distributions
• Exploiting the flexibility of a family of models for taxation and redistribution
• Phase transitions and non-equilibrium relaxation in kinetic models of opinion formation
• Inequality measures in kinetic exchange models of wealth distributions
• Percolation in a kinetic opinion exchange model
• Zipf's law in city size from a resource utilization model
• Kinetic models for wealth exchange on directed networks
• Weighted Trade Network in a Model of Preferential Bipartite Transactions
• The size distribution of cities: a kinetic explanation
• A data-driven kinetic model for opinion dynamics with social network contacts
• Islamic and capitalist economies: Comparison using econophysics models of wealth exchange and redistribution
• Agent dynamics in kinetic models of wealth exchange
• Noise-induced absorbing phase transition in a model of opinion formation
• The Immediate Exchange model: an analytical investigation
• A threshold induced phase transition in the kinetic exchange models
• Modeling wealth distribution in growing markets
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• Development of Econophysics: A biased account and perspective from Kolkata
• Socio-economic inequalities: a statistical physics perspective
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• A combined model of aggregation, fragmentation, and exchange processes: insights from analytical calculations
• Kinetic Exchange Income Distribution Models with Saving Propensities: Inequality Indices and Self-Organised Poverty Level
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• The Epidemic-Driven Collapse in a System with Limited Economic Resource
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• Household Income Distribution in the USA
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• An equilibrium-conserving taxation scheme for income from capital
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