The DOI matches its Crossref record; 5 of the 5 references it cites were found in a registry or an index.
Statistical mechanics of money: how saving propensity affects its distribution
Open accessAbstract
Abstract:We consider a simple model of a closed economic system where the total money is conserved and the number of economic agents is fixed. Analogous to statistical systems in equilibrium, money and the average money per economic agent are equivalent to energy and temperature, respectively. We investigate the effect of the saving propensity of the agents on the stationary or equilibrium probability distribution of money. When the agents do not save, the equilibrium money distribution becomes the usual Gibb's distribution, characteristic of non-interacting agents. However with saving, even for individual self-interest, the dynamics becomes cooperative and the resulting asymmetric Gaussian-like stationary distribution acquires global ordering properties. Intriguing singularities are observed in the stationary money distribution in the market, as functions of the marginal saving propensity of the agents.
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Cites
Introduction to Econophysics: Correlations and Complexity in Finance
Mantegna, R. N., & Stanley, H. E. (1999) · Cambridge University Press eBooks · doi:10.1017/cbo9780511755767 · Cited by 1,817
The economy as an evolving complex system
Feichtinger, G. (1991) · Journal of Economic Behavior & Organization · doi:10.1016/0167-2681(91)90037-x · Cited by 750
Statistical Mechanics of money
Dragulescu, A., & Yakovenko, V. M. (2000) · The European Physical Journal B · doi:10.1007/s100510070114 · Cited by 553
de Oliveira, S. M., de Oliveira, P. M. C., & Stauffer, D. (1999) · TEUBNER-TEXTE zur Physik · doi:10.1007/978-3-322-91009-7 · Cited by 225
Equilibrium Statistical Physics
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Cited by
Colloquium: Statistical mechanics of money, wealth, and income
Yakovenko, V. M., & Rosser, J. B. (2009) · Reviews of Modern Physics · doi:10.1103/revmodphys.81.1703 · Cited by 517
Pareto law in a kinetic model of market with random saving propensity
Chatterjee, A., K. Chakrabarti, B., & Manna, S. S. (2004) · Physica A: Statistical Mechanics and its Applications · doi:10.1016/j.physa.2003.11.014 · Cited by 297
Relaxation in statistical many-agent economy models
Patriarca, M., Chakraborti, A., Heinsalu, E., & Germano, G. (2007) · The European Physical Journal B · doi:10.1140/epjb/e2007-00122-7 · Cited by 36
Self-citationPhysics-inspired analysis of the two-class income distribution in the USA in 1983–2018
Ludwig, D., & Yakovenko, V. M. (2022) · Philosophical Transactions of the Royal Society A: Mathematical, Physical and Engineering Sciences · doi:10.1098/rsta.2021.0162 · Cited by 20
Sadykhov, R., Goodell, G., De Montigny, D., Schoernig, M., & Treleaven, P. (2023) · Frontiers in Blockchain · doi:10.3389/fbloc.2023.1298330 · Cited by 7
“Centralization, or concentration, of wealth in an economy can lead to different economic threats, such as iFish attack in 2018 (Town, 2019), where the whale transactions (i.e., transactions with high fee) on the Ethereum blockchain caused an increase in the transaction fees across the network by…”
Background
Metadata
- Authors
- Chakraborti, A., & Chakrabarti, B. K.
- Venue
- The European Physical Journal B
- Published
- 2000-08
- Volume
- 17
- Issue
- 1
- Pages
- 167-170
- ISSN
- 1434-6028 (ISSN-L)
- OpenAlex
- W1978341896
- Cited by
- 419
- References
- 5
- FWCI
- 6.79
- Type
- journal article
- Language
- en
- Open access
- green
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