Kinetic Exchange Models for Income and Wealth Distributions

Details Kinetic Exchange Models for Income and Wealth Distributions Kinetic Exchange Models for Income and Wealth Distributions

2007-09-11

arxiv.org/abs/0709.1543v2

The European Physical Journal B 60 (2007) 135-149

Economy

Quantitative Finance

General Finance

15 pages, 20 eps figures, EPJ class; To be published as "Colloquium" in Eur Phys J B

Scientific paper

10.1140/epjb/e2007-00343-8

Increasingly, a huge amount of statistics have been gathered which clearly indicates that income and wealth distributions in various countries or societies follow a robust pattern, close to the Gibbs distribution of energy in an ideal gas in equilibrium. However, it also deviates in the low income and more significantly for the high income ranges. Application of physics models provides illuminating ideas and understanding, complementing the observations.

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