Basic kinetic wealth-exchange models: common features and open problems

Details Basic kinetic wealth-exchange models: common features and open problems Basic kinetic wealth-exchange models: common features and open problems

2006-11-25

arxiv.org/abs/physics/0611245v3

Physics

Physics and Society

Updated version; 9 pages, 5 figures, 2 tables

Scientific paper

We review the basic kinetic wealth-exchange models of Angle [J. Angle, Social Forces 65 (1986) 293; J. Math. Sociol. 26 (2002) 217], Bennati [E. Bennati, Rivista Internazionale di Scienze Economiche e Commerciali 35 (1988) 735], Chakraborti and Chakrabarti [A. Chakraborti, B. K. Chakrabarti, Eur. Phys. J. B 17 (2000) 167], and of Dragulescu and Yakovenko [A. Dragulescu, V. M. Yakovenko, Eur. Phys. J. B 17 (2000) 723]. Analytical fitting forms for the equilibrium wealth distributions are proposed. The influence of heterogeneity is investigated, the appearance of the fat tail in the wealth distribution and the relaxation to equilibrium are discussed. A unified reformulation of the models considered is suggested.

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