Journal article
Master equation for a kinetic model of a trading market and its analytic solution.
- Abstract:
- We analyze an ideal-gas-like model of a trading market with quenched random saving factors for its agents and show that the steady state income (m) distribution P(m) in the model has a power law tail with Pareto index nu exactly equal to unity, confirming the earlier numerical studies on this model. The analysis starts with the development of a master equation for the time development of P(m) . Precise solutions are then obtained in some special cases.
- Publication status:
- Published
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- Publisher copy:
- 10.1103/physreve.72.026126
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Authors
Bibliographic Details
- Journal:
- Physical review. E, Statistical, nonlinear, and soft matter physics
- Volume:
- 72
- Issue:
- 2 Pt 2
- Pages:
- 026126
- Publication date:
- 2005-08-01
- DOI:
- EISSN:
-
1550-2376
- ISSN:
-
1539-3755
- Source identifiers:
-
24151
Item Description
- Language:
- English
- Pubs id:
-
pubs:24151
- UUID:
-
uuid:097b07d1-ce17-4399-be59-c7204ef32d79
- Local pid:
- pubs:24151
- Deposit date:
- 2012-12-19
Terms of use
- Copyright date:
- 2005
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