Relaxation in the wealth exchange models

Abhijit Kar Gupta

Physica A: Statistical Mechanics and its Applications, 2008, vol. 387, issue 27, 6819-6824

Abstract: We examine the concept of relaxation in the wealth exchange models that are recently proposed in econophysics to interpret wealth distributions. To quantify and characterize the process of relaxation, we define an appropriate quantity and evaluate that numerically for the systems of many agents. Also, heuristic arguments are provided in support of some numerical results.

Keywords: Wealth distribution; Exponential relaxation; Many agent model; Wealth exchange; Random saving; Pareto’s law (search for similar items in EconPapers)
Date: 2008
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Persistent link: https://EconPapers.repec.org/RePEc:eee:phsmap:v:387:y:2008:i:27:p:6819-6824

DOI: 10.1016/j.physa.2008.09.003

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