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dc.contributor.authorHUTZLER, STEFAN
dc.date.accessioned2010-01-19T12:28:06Z
dc.date.available2010-01-19T12:28:06Z
dc.date.issued2005
dc.date.submitted2005en
dc.identifier.citationRepetowicz P, Hutzler S and Richmond P, `Dynamics of money and income distributions? in Physica A, 356, 2005, pp 641 - 654en
dc.identifier.otherY
dc.identifier.urihttp://hdl.handle.net/2262/35867
dc.descriptionPUBLISHEDen
dc.description.abstractWe study the model of interacting agents proposed by Chatterjee et al that allows agents to both save and exchange wealth. Closed equations for the wealth distribution are developed using a mean field approximation. We show that when all agents have the same fixed savings propensity, subject to certain well defined approximations defined in the text, these equations yield the conjecture proposed by Chatterjee for the form of the stationary agent wealth distribution. If the savings propensity for the equations is chosen according to some random distribution we show further that the wealth distribution for large values of wealth displays a Pareto like power law tail, ie P(w)\sim w^{1+a}. However the value of $a$ for the model is exactly 1. Exact numerical simulations for the model illustrate how, as the savings distribution function narrows to zero, the wealth distribution changes from a Pareto form to to an exponential function. Intermediate regions of wealth may be approximately described by a power law with $a>1$. However the value never reaches values of \~ 1.6-1.7 that characterise empirical wealth data. This conclusion is not changed if three body agent exchange processes are allowed. We conclude that other mechanisms are required if the model is to agree with empirical wealth data.en
dc.description.sponsorshipScience Foundation Ireland (04/BR/P0251)en
dc.format.extent641en
dc.format.extent654en
dc.format.extent406449 bytes
dc.format.mimetypeapplication/pdf
dc.language.isoenen
dc.publisherElsevieren
dc.relation.ispartofseriesPhysica Aen
dc.relation.ispartofseries356en
dc.rightsYen
dc.subjectElastic and inelastic scatteringen
dc.subjectKinetic theoryen
dc.subjectClassical statistical mechanicsen
dc.subjectProbability theoryen
dc.subjectStochastic processes and statisticsen
dc.subjectDynamics of social systemsen
dc.subjectEnvironmental studiesen
dc.titleDynamics of money and income distributionsen
dc.typeJournal Articleen
dc.contributor.sponsorScience Foundation Ireland
dc.type.supercollectionscholarly_publicationsen
dc.type.supercollectionrefereed_publicationsen
dc.identifier.peoplefinderurlhttp://people.tcd.ie/shutzler
dc.identifier.rssinternalid24645
dc.identifier.rssurihttp://arXiv.org/abs/cond-mat/0407770en
dc.identifier.rssurihttp://dx.doi.org/10.1016/j.physa.2005.04.010


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