Models of wealth distributions: a perspective
Abstract
Description
A class of conserved models of wealth distributions are studied where wealth (or money) is assumed to be exchanged between a pair of agents in a population like the elastically colliding molecules of a gas exchanging energy. All sorts of distributions from exponential (Boltzmann-Gibbs) to something like Gamma distributions and to that of Pareto's law (power law) are obtained out of such models with simple algorithmic exchange processes. Numerical inevstigations, analysis through transition matrix and a mean field approach are employed to understand the generative mechanisms. A general scenario is examined wherefrom a power law and other distributions can emerge.
(Replaced with some minor corrections; typos and etc.) Review article; 14 pages, 13 eps figures; Revtex4 (an updated version of this article will be published in a forthcoming book "Econophysics and Sociophysics: Trends and Perspectives", Eds. B.K. Chakrabarti, A. Chakraborti and A. Chatterjee, Wiley-VCH, Berlin)
(Replaced with some minor corrections; typos and etc.) Review article; 14 pages, 13 eps figures; Revtex4 (an updated version of this article will be published in a forthcoming book "Econophysics and Sociophysics: Trends and Perspectives", Eds. B.K. Chakrabarti, A. Chakraborti and A. Chatterjee, Wiley-VCH, Berlin)