Microeconomics of the ideal gas like market models

Anindya S. Chakrabarti and Bikas K. Chakrabarti

Physica A: Statistical Mechanics and its Applications, 2009, vol. 388, issue 19, 4151-4158

Abstract: We develop a framework based on microeconomic theory from which the ideal gas like market models can be addressed. A kinetic exchange model based on that framework is proposed and its distributional features have been studied by considering its moments. Next, we derive the moments of the CC model (Eur. Phys. J. B 17 (2000) 167) as well. Some precise solutions are obtained which conform with the solutions obtained earlier. Finally, an output market is introduced with global price determination in the model with some necessary modifications.

Keywords: Economics; Econophysics, financial markets, business and management; Stochastic processes; Distribution theory and Monte Carlo studies; Kinetic theory (search for similar items in EconPapers)
Date: 2009
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Citations: View citations in EconPapers (34)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:phsmap:v:388:y:2009:i:19:p:4151-4158

DOI: 10.1016/j.physa.2009.06.038

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