Relaxation in the wealth exchange models |
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Authors: | Abhijit Kar Gupta |
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Institution: | Physics Department, Panskura Banamali College, Panskura R.S., Pin-721 152, East Midnapore, WB, India |
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Abstract: | We examine the concept of relaxation in the wealth exchange models that are recently proposed in econophysics to interpret wealth distributions. To quantify and characterize the process of relaxation, we define an appropriate quantity and evaluate that numerically for the systems of many agents. Also, heuristic arguments are provided in support of some numerical results. |
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Keywords: | Wealth distribution Exponential relaxation Many agent model Wealth exchange Random saving Pareto&rsquo s law |
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