Kinetic market models with single commodity having price fluctuations

A. Chatterjee () and B. K. Chakrabarti ()

The European Physical Journal B: Condensed Matter and Complex Systems, 2006, vol. 54, issue 3, 399-404

Abstract: We study here numerically the behavior of an ideal gas like model of markets having only one non-consumable commodity. We investigate the behavior of the steady-state distributions of money, commodity and total wealth, as the dynamics of trading or exchange of money and commodity proceeds, with local (in time) fluctuations in the price of the commodity. These distributions are studied in markets with agents having uniform and random saving factors. The self-organizing features in money distribution are similar to the cases without any commodity (or with consumable commodities), while the commodity distribution shows an exponential decay. The wealth distribution shows interesting behavior: gamma like distribution for uniform saving propensity and has the same power-law tail, as that of the money distribution, for a market with agents having random saving propensity. Copyright EDP Sciences/Società Italiana di Fisica/Springer-Verlag 2006

Keywords: 87.23.Ge Dynamics of social systems; 89.90.+n Other topics in areas of applied and interdisciplinary physics; 02.50.-r Probability theory; stochastic processes; and statistics (search for similar items in EconPapers)
Date: 2006
References: View complete reference list from CitEc
Citations: View citations in EconPapers (4)

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DOI: 10.1140/epjb/e2007-00011-1

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