Kinetic market models with single commodity having price fluctuations |
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Authors: | A Chatterjee B K Chakrabarti |
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Institution: | (1) Theoretical Condensed Matter Physics Division and Centre for Applied Mathematics and Computational Science, Saha Institute of Nuclear Physics, 1/AF Bidhannagar, Kolkata, 700064, India |
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Abstract: | We study here numerically the behavior of an ideal gas like model of markets having
only one non-consumable commodity. We investigate the behavior of the
steady-state distributions of money, commodity and total wealth,
as the dynamics of trading or exchange of money and commodity proceeds,
with local (in time) fluctuations in the price of the commodity.
These distributions are studied in markets with agents having uniform and
random saving factors. The self-organizing features in money distribution
are similar to the cases without any commodity (or with consumable
commodities), while the commodity distribution shows an exponential decay.
The wealth distribution shows interesting behavior: gamma like
distribution for uniform saving propensity and has the same power-law tail,
as that of the money distribution, for
a market with agents having random saving propensity. |
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Keywords: | 87 23 Ge Dynamics of social systems 89 90 +n Other topics in areas of applied and interdisciplinary physics 02 50 -r Probability theory stochastic processes and statistics |
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