University of Sussex
Browse
PhysRevE.78.056103.pdf (241.52 kB)

Kinetic equations modelling wealth redistribution: a comparison of approaches

Download (241.52 kB)
journal contribution
posted on 2023-06-08, 12:42 authored by Bertram Duering, Daniel Matthes, Giuseppe Toscani
Kinetic equations modelling the redistribution of wealth in simple market economies is one of the major topics in the field of econophysics. We present a unifying approach to the qualitative study for a large variety of such models, which is based on a moment analysis in the related homogeneous Boltzmann equation, and on the use of suitable metrics for probability measures. In consequence, we are able to classify the most important feature of the steady wealth distribution, namely the fatness of the Pareto tail, and the dynamical stability of the latter in terms of the model parameters. Our results apply, e.g., to the market model with risky investments [S. Cordier, L. Pareschi, and G. Toscani, J. Stat. Phys. 120, 253 (2005)], and to the model with quenched saving propensities [A. Chatterjee, B. K. Chakrabarti, and S. S. Manna, Physica A 335, 155 (2004)]. Also, we present results from numerical experiments that confirm the theoretical predictions.

History

Publication status

  • Published

File Version

  • Published version

Journal

Physical Review E

ISSN

1539-3755

Publisher

American Physical Society

Issue

5

Volume

78

Pages

12.0

Department affiliated with

  • Mathematics Publications

Full text available

  • Yes

Peer reviewed?

  • Yes

Legacy Posted Date

2012-11-07

First Open Access (FOA) Date

2016-03-22

First Compliant Deposit (FCD) Date

2016-11-15

Usage metrics

    University of Sussex (Publications)

    Categories

    No categories selected

    Exports

    RefWorks
    BibTeX
    Ref. manager
    Endnote
    DataCite
    NLM
    DC