An almost linear stochastic map related to the particle system models of social sciences

Abstract

We propose a stochastic map model of economic dynamics. In the last decade, an array of observations in economics has been investigated in the econophysics literature, a major example being the universal features of inequality in terms of income and wealth. Another area of inquiry is the formation of opinion in a society. The proposed model attempts to produce positively skewed distributions and the power law distributions as has been observed in the real data of income and wealth. Also, it shows a non-trivial phase transition in the opinion of a society (opinion formation). A number of physical models also generates similar results. In particular, the kinetic exchange models have been especially successful in this regard. Therefore, we compare the results obtained from these two approaches and discuss a number of new features and drawbacks of this model.

16 pages, 7 figures

References in corpus (7)

• Nonequilibrium phase transition in the coevolution of networks and opinions
• Colloquium: Statistical mechanics of money, wealth, and income
• Kinetic Exchange Models for Income and Wealth Distributions
• Opinion formation in the kinetic exchange models: Spontaneous symmetry breaking transition
• Generic features of the wealth distribution in ideal-gas-like markets
• Phase transitions in a two parameter model of opinion dynamics with random kinetic exchanges
• Phase transitions and non-equilibrium relaxation in kinetic models of opinion formation

Cited by in corpus (4)

• Mean field solutions of kinetic exchange opinion models
• Phase transitions and non-equilibrium relaxation in kinetic models of opinion formation
• Non-conservative kinetic exchange model of opinion dynamics with randomness and bounded confidence
• Kinetic exchange opinion model: solution in the single parameter map limit