Bouchaud-Mézard model on a random network

Abstract

We studied the Bouchaud-Mézard(BM) model, which was introduced to explain Pareto's law in a real economy, on a random network. Using "adiabatic and independent" assumptions, we analytically obtained the stationary probability distribution function of wealth. The results shows that wealth-condensation, indicated by the divergence of the variance of wealth, occurs at a larger $J$ than that obtained by the mean-field theory, where $J$ represents the strength of interaction between agents. We compared our results with numerical simulation results and found that they were in good agreement.

to be published in Physical Review E

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Cited by in corpus (7)

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• Partial mean field limits in heterogeneous networks
• Simple wealth distribution model causing inequality-induced crisis without external shocks
• Power-law exponent of the Bouchaud-Mézard model on regular random network
• Anomaly, class division, and decoupling in income dynamics
• From Logistic Growth to Exponential Growth in a Population Dynamical Model