Statistical equilibrium in simple exchange games I

Enrico Scalas, U. Garibaldi and S. Donadio

The European Physical Journal B: Condensed Matter and Complex Systems, 2006, vol. 53, issue 2, 267-272

Abstract: Simple stochastic exchange games are based on random allocation of finite resources. These games are Markov chains that can be studied either analytically or by Monte Carlo simulations. In particular, the equilibrium distribution can be derived either by direct diagonalization of the transition matrix, or using the detailed balance equation, or by Monte Carlo estimates. In this paper, these methods are introduced and applied to the Bennati-Dragulescu-Yakovenko (BDY) game. The exact analysis shows that the statistical-mechanical analogies used in the previous literature have to be revised. Copyright EDP Sciences/Società Italiana di Fisica/Springer-Verlag 2006

Keywords: 89.65.Gh Economics; econophysics, financial markets, business and management, 02.50.Cw Probability theory, (search for similar items in EconPapers)
Date: 2006
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Citations: View citations in EconPapers (17)

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DOI: 10.1140/epjb/e2006-00355-x

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