Ideal-gas like market models with savings: quenched and annealed cases

Details Ideal-gas like market models with savings: quenched and annealed cases Ideal-gas like market models with savings: quenched and annealed cases

2006-07-28

arxiv.org/abs/physics/0607258v1

Physica A 382 (2007) 36-41

Physics

Physics and Society

2-col RevTeX4, 4 pages, 1 eps figure; Proc. APFA5 Conference, Torino, 2006

Scientific paper

10.1016/j.physa.2007.02.006

We analyze the ideal gas like models of markets and review the different cases where a `savings' factor changes the nature and shape of the distribution of wealth. These models can produce similar distribution of wealth as observed across varied economies. We present a more realistic model where the saving factor can vary over time (annealed savings) and yet produces Pareto distribution of wealth in certain cases. We discuss the relevance of such models in the context of wealth distribution, and address some recent issues in the context of these models.

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