Gibbs versus non-Gibbs distributions in money dynamics

Marco Patriarca, Anirban Chakraborti and Kimmo Kaski

Physica A: Statistical Mechanics and its Applications, 2004, vol. 340, issue 1, 334-339

Abstract: We review a simple model of closed economy, where the economic agents make money transactions and a saving criterion is present. We observe the Gibbs distribution for zero saving propensity, and non-Gibbs distributions otherwise. While the exact solution in the case of zero saving propensity is already known to be given by the Gibbs distribution, here we provide the explicit analytical form of the equilibrium distribution for the general case of nonzero saving propensity. We verify it through comparison with numerical data and show that it can be cast in the form of a gamma-distribution.

Keywords: Econophysics; Money dynamics; Gamma distribution; Gibbs distribution (search for similar items in EconPapers)
Date: 2004
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Citations: View citations in EconPapers (7)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:phsmap:v:340:y:2004:i:1:p:334-339

DOI: 10.1016/j.physa.2004.04.024

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