Relaxation in statistical many-agent economy models |
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Authors: | M. Patriarca A. Chakraborti E. Heinsalu G. Germano |
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Affiliation: | 1. Institute of Theoretical Physics, Tartu University, T?he 4, 51010, Tartu, Estonia 2. Department of Physics, Banaras Hindu University, Varanasi, 221005, India 3. Department of Chemistry, Philipps-University Marburg, 35032, Marburg, Germany
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Abstract: | We review some statistical many-agent models of economic and social systems inspired by microscopic molecular models and discuss their stochastic interpretation. We apply these models to wealth exchange in economics and study how the relaxation process depends on the parameters of the system, in particular on the saving propensities that define and diversify the agent profiles. |
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Keywords: | 89.65.Gh Economics econophysics, financial markets, business and management 87.23.Ge Dynamics of social systems 02.50.-r Probability theory, stochastic processes, and statistics |
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