Introducing Chaos in Economic Gas-like Models

C. Pellicer-Lostao and R. Lopez-Ruiz

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Abstract: This paper considers ideal gas-like models of trading markets, where each agent is identified as a gas molecule that interacts with others trading in elastic or money-conservative collisions. Traditionally, these models introduce different rules of random selection and exchange between pair agents. Unlike these traditional models, this work introduces a chaotic procedure able of breaking the pairing symmetry of agents (i,j)->(j,i). Its results show that, the asymptotic money distributions of a market under chaotic evolution can exhibit a transition from Gibbs to Pareto distributions, as the pairing symmetry is progressively broken.

Date: 2009-04
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Persistent link: https://EconPapers.repec.org/RePEc:arx:papers:0904.0344

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