Relaxation in statistical many-agent economy models

M. Patriarca (), A. Chakraborti (), E. Heinsalu () and Guido Germano

The European Physical Journal B: Condensed Matter and Complex Systems, 2007, vol. 57, issue 2, 219-224

Abstract: We review some statistical many-agent models of economic and social systems inspired by microscopic molecular models and discuss their stochastic interpretation. We apply these models to wealth exchange in economics and study how the relaxation process depends on the parameters of the system, in particular on the saving propensities that define and diversify the agent profiles. Copyright EDP Sciences/Società Italiana di Fisica/Springer-Verlag 2007

Keywords: 89.65.Gh Economics; econophysics, financial markets, business and management, 87.23.Ge Dynamics of social systems, 02.50.-r Probability theory, stochastic processes, and statistics, (search for similar items in EconPapers)
Date: 2007
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Citations: View citations in EconPapers (4)

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Persistent link: https://EconPapers.repec.org/RePEc:spr:eurphb:v:57:y:2007:i:2:p:219-224

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DOI: 10.1140/epjb/e2007-00122-7

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