Random Market Models with an H-Theorem

Ricardo Lopez-Ruiz, Elyas Shivanian and Jose-Luis Lopez

Papers from arXiv.org

Abstract: In this communication, some economic models given by functional mappings are addressed. These are models for random markets where agents trade by pairs and exchange their money in a random and conservative way. They display the exponential wealth distribution as asymptotic equilibrium, independently of the effectiveness of the transactions and of the limitation of the total wealth. The entropy increases with time in these models and the existence of an H-theorem is computationally checked. Also, it is shown that any small perturbation of the models equations make them to lose the exponential distribution as an equilibrium solution.

Date: 2013-07, Revised 2014-07
References: View references in EconPapers View complete reference list from CitEc
Citations:

Downloads: (external link)
http://arxiv.org/pdf/1307.2169 Latest version (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:arx:papers:1307.2169

Access Statistics for this paper

More papers in Papers from arXiv.org
Bibliographic data for series maintained by arXiv administrators ().