Basic kinetic wealth-exchange models: common features and open problems |
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Authors: | M Patriarca E Heinsalu A Chakraborti |
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Institution: | 1. IFISC, Instituto de Física Interdisciplinar y Sistemas Complejos (CSIC-UIB), 07122, Palma de Mallorca, Spain 2. National Institute of Chemical Physics and Biophysics, R?vala 10, 15042, Tallinn, Estonia 3. Laboratoire de Mathématiques Appliquées aux Systèmes, école Centrale Paris, 92290, Chatenay-Malabry, France
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Abstract: | We review the basic kinetic wealth-exchange models of Angle J. Angle, Social Forces 65, 293 (1986); J. Math. Sociol. 26, 217 (2002)], Bennati E. Bennati, Rivista Internazionale di Scienze Economiche e Commerciali 35, 735 (1988)], Chakraborti and Chakrabarti A. Chakraborti, B. K. Chakrabarti, Eur. Phys. J. B 17, 167 (2000)], and of Dragulescu and Yakovenko A. Dragulescu, V.M. Yakovenko, Eur. Phys. J. B 17, 723 (2000)]. Analytical fitting forms for the equilibrium wealth distributions are proposed. The influence of heterogeneity is investigated, the appearance of the fat tail in the wealth distribution and the relaxation to equilibrium are discussed. A unified reformulation of the models considered is suggested. |
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