https://doi.org/10.1140/epjb/e2009-00418-6
Basic kinetic wealth-exchange models: common features and open problems
1
IFISC, Instituto de Física Interdisciplinar y Sistemas Complejos (CSIC-UIB), 07122 Palma de Mallorca, Spain
2
National Institute of Chemical Physics and Biophysics, Rävala 10, 15042 Tallinn, Estonia
3
Laboratoire de Mathématiques Appliquées aux Systèmes, École Centrale Paris, 92290 Châtenay-Malabry, France
Corresponding author: marco.patriarca@gmail.com
Received:
19
May
2009
Revised:
29
October
2009
Published online:
11
December
2009
We review the basic kinetic wealth-exchange models of Angle [J. Angle, Social Forces 65, 293 (1986); J. Math. Sociol. 26, 217 (2002)], Bennati [E. Bennati, Rivista Internazionale di Scienze Economiche e Commerciali 35, 735 (1988)], Chakraborti and Chakrabarti [A. Chakraborti, B. K. Chakrabarti, Eur. Phys. J. B 17, 167 (2000)], and of Dragulescu and Yakovenko [A. Dragulescu, V.M. Yakovenko, Eur. Phys. J. B 17, 723 (2000)]. Analytical fitting forms for the equilibrium wealth distributions are proposed. The influence of heterogeneity is investigated, the appearance of the fat tail in the wealth distribution and the relaxation to equilibrium are discussed. A unified reformulation of the models considered is suggested.
PACS: 89.75.-k – Complex systems / 89.65.Gh – Economics; econophysics, financial markets, business and management / 02.50.-r – Probability theory, stochastic processes, and statistics
© EDP Sciences, Società Italiana di Fisica, Springer-Verlag, 2009
