A chaotic gas-like model for trading markets |
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| Authors: | C Pellicer-Lostao R López-Ruiz |
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| Institution: | 1. Department of Mechanical Engineering, Technical University of Denmark (DTU), Produktionstorvet 425, 2800 Kgs. Lyngby, Denmark;2. Image Metrology A/S, Lyngsø Allé 3A, 2970 Hørsholm, Denmark;1. Computer Science and Engineering, University of Texas at Arlington, Arlington, TX 76019, USA;2. Coordinated Science Laboratory, University of Illinois at Urbana-Champaign, Urbana, IL 61801, USA;1. Department of Physics, University of Cincinnati, Cincinnati, OH 45244-0011, United States;2. CAP Center for Cognition, Action, and Perception, Department of Psychology, University of Cincinnati, Cincinnati, OH 45244-0376, United States;1. Imam Khomeini International University, Qazvin, Iran;2. Department of Mechanical Engineering, Pardis Branch, Islamic Azad University, Pardis New City, Tehran, Iran;3. Department of Petroleum Engineering, Ahwaz Faculty of Petroleum Engineering, Petroleum University of Technology (PUT), Ahwaz, Iran |
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| Abstract: | This paper considers the ideal gas-like model for trading markets, where each individual interacts with others trading in money-conservative collisions. Traditionally this model introduces different rules of random selection and exchange between pairs of agents, what leads to different money distributions in the community. Real economic transactions are complex but obviously non-random. Therefore, unlike the traditional model, this work introduces chaotic elements in the evolution of the economic system. As a result, it is found that the chaotic gas-like model can reproduce the referenced wealth distributions observed in real economies, i.e. the Gamma, Exponential and Pareto distributions. |
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