Stable power laws in variable economies; Lotka-Volterra implies Pareto-Zipf |
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| Authors: | S Solomon P Richmond |
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| Institution: | (1) Racah Institute of Physics, Hebrew University of Jerusalem, 91904 Jerusalem, Israel, IL;(2) Department of Physics, Trinity College Dublin 2, Ireland, IE |
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| Abstract: | In recent years we have found that logistic systems of the Generalized Lotka-Volterra type (GLV) describing statistical systems
of auto-catalytic elements posses power law distributions of the Pareto-Zipf type. In particular, when applied to economic
systems, GLV leads to power laws in the relative individual wealth distribution and in market returns. These power laws and
their exponent α are invariant to arbitrary variations in the total wealth of the system and to other endogenously and exogenously
induced variations.
Received 31 December 2001 |
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| Keywords: | PACS 87 23 -n Ecology and evolution – 89 75 Da Systems obeying scaling laws – 89 65 Gh Economics business and financial markets |
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