The DOI matches its Crossref record; 132 of the 132 references it cites were found in a registry or an index.
Colloquium: Statistical mechanics of money, wealth, and income
Open accessAbstract
This Colloquium reviews statistical models for money, wealth, and income distributions developed in the econophysics literature since the late 1990s. By analogy with the Boltzmann-Gibbs distribution of energy in physics, it is shown that the probability distribution of money is exponential for certain classes of models with interacting economic agents. Alternative scenarios are also reviewed. Data analysis of the empirical distributions of wealth and income reveals a two-class distribution. The majority of the population belongs to the lower class, characterized by the exponential (``thermal'') distribution, whereas a small fraction of the population in the upper class is characterized by the power-law (``superthermal'') distribution. The lower part is very stable, stationary in time, whereas the upper part is highly dynamical and out of equilibrium.
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Cites
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Cited by
Physics-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
Self-citationAxtell, R. (2018) · Handbook of Computational Economics · doi:10.1016/bs.hescom.2018.05.001 · Cited by 13
Metadata
- Authors
- Yakovenko, V. M., & Rosser, J. B.
- Venue
- Reviews of Modern Physics
- Publisher
- American Physical Society (APS)
- Published
- 2009-12-02
- Volume
- 81
- Issue
- 4
- Pages
- 1703-1725
- ISSN
- 0034-6861 (ISSN-L)
- 1539-0756
- OpenAlex
- W2031849821
- Cited by
- 517
- References
- 132
- FWCI
- 63.61
- Type
- journal article
- Language
- en
- Open access
- green
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