PhysRevE.78.056103.pdf (241.52 kB)
Kinetic equations modelling wealth redistribution: a comparison of approaches
journal contribution
posted on 2023-06-08, 12:42 authored by Bertram Duering, Daniel Matthes, Giuseppe ToscaniKinetic equations modelling the redistribution of wealth in simple market economies is one of the major topics in the field of econophysics. We present a unifying approach to the qualitative study for a large variety of such models, which is based on a moment analysis in the related homogeneous Boltzmann equation, and on the use of suitable metrics for probability measures. In consequence, we are able to classify the most important feature of the steady wealth distribution, namely the fatness of the Pareto tail, and the dynamical stability of the latter in terms of the model parameters. Our results apply, e.g., to the market model with risky investments [S. Cordier, L. Pareschi, and G. Toscani, J. Stat. Phys. 120, 253 (2005)], and to the model with quenched saving propensities [A. Chatterjee, B. K. Chakrabarti, and S. S. Manna, Physica A 335, 155 (2004)]. Also, we present results from numerical experiments that confirm the theoretical predictions.
History
Publication status
- Published
File Version
- Published version
Journal
Physical Review EISSN
1539-3755Publisher
American Physical SocietyExternal DOI
Issue
5Volume
78Pages
12.0Department affiliated with
- Mathematics Publications
Full text available
- Yes
Peer reviewed?
- Yes