Microeconomics of the ideal gas like market models

Details Microeconomics of the ideal gas like market models Microeconomics of the ideal gas like market models

2009-05-25

arxiv.org/abs/0905.3972v2

Physics

Physics and Society

15pp. Revised & a reference added. An appeal in Appendix-annex (section 8; not for publication) also added. Physica A (accepte

Scientific paper

We develop a framework based on microeconomic theory from which the ideal gas like market models can be addressed. A kinetic exchange model based on that framework is proposed and its distributional features have been studied by considering its moments. Next, we derive the moments of the CC model (Eur. Phys. J. B 17 (2000) 167) as well. Some precise solutions are obtained which conform with the solutions obtained earlier. Finally, an output market is introduced with global price determination in the model with some necessary modifications.

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