Microeconomics of the ideal gas like market models
arXiv:0905.3972 · doi:10.1016/j.physa.2009.06.038
Abstract
We develop a framework based on microeconomic theory from which the ideal gas like market models can be addressed. A kinetic exchange model based on that framework is proposed and its distributional features have been studied by considering its moments. Next, we derive the moments of the CC model (Eur. Phys. J. B 17 (2000) 167) as well. Some precise solutions are obtained which conform with the solutions obtained earlier. Finally, an output market is introduced with global price determination in the model with some necessary modifications.
15pp. Revised & a reference added. An appeal in Appendix-annex (section 8; not for publication) also added. Physica A (accepted for publication)
References in corpus (4)
Cited by in corpus (23)
- Exponential Structure of Income Inequality: Evidence from 67 Countries
- Kinetic models of immediate exchange
- From microscopic taxation and redistribution models to macroscopic income distributions
- Islamic and capitalist economies: Comparison using econophysics models of wealth exchange and redistribution
- Agent dynamics in kinetic models of wealth exchange
- Effects of vaccination efficacy on wealth distribution in kinetic epidemic models
- Kinetic models for goods exchange in a multi-agent market
- Development of Econophysics: A biased account and perspective from Kolkata
- Applications of statistical mechanics to economics: Entropic origin of the probability distributions of money, income, and energy consumption
- Inequality reversal: effects of the savings propensity and correlated returns
- Mathematical models describing the effects of different tax evasion behaviors
- Can an interdisciplinary field contribute to one of the parent disciplines from which it emerged?
- Antipersistent dynamics in kinetic models of wealth exchange
- Wealth distribution across communities of adaptive financial agents
- Wealth Redistribution and Mutual Aid: Comparison using Equivalent/Nonequivalent Exchange Models of Econophysics
- Regional Inequality Simulations Based on Asset Exchange Models with Exchange Range and Local Support Bias
- Global Income Inequality and Savings: A Data Science Perspective
- Evolutionary Model of the Personal Income Distribution
- Piketty's second fundamental law of capitalism as an emergent property in a kinetic wealth-exchange model of economic growth
- Modelling savings behavior of agents in the kinetic exchange models of market
- Econophysics Through Computation
- Firm dynamics in a closed, conserved economy: A model of size distribution of employment and related statistics
- Wealth disparities and economic flow: Assessment using an asset exchange model with the surplus stock of the wealthy