An almost linear stochastic map related to the particle system models of social sciences

Details An almost linear stochastic map related to the particle system models of social sciences An almost linear stochastic map related to the particle system models of social sciences

2011-01-19

arxiv.org/abs/1101.3617v2

Economy

Quantitative Finance

General Finance

16 pages, 7 figures

Scientific paper

We propose a stochastic map model of economic dynamics. In the last decade, an array of observations in economics has been investigated in the econophysics literature, a major example being the universal features of inequality in terms of income and wealth. Another area of inquiry is the formation of opinion in a society. The proposed model attempts to produce positively skewed distributions and the power law distributions as has been observed in the real data of income and wealth. Also, it shows a non-trivial phase transition in the opinion of a society (opinion formation). A number of physical models also generates similar results. In particular, the kinetic exchange models have been especially successful in this regard. Therefore, we compare the results obtained from these two approaches and discuss a number of new features and drawbacks of this model.

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