Abstract

This paper considers the ideal gas-like model for trading markets, where each individual interacts with others trading in money-conservative collisions. Traditionally this model introduces different rules of random selection and exchange between pairs of agents, what leads to different money distributions in the community. Real economic transactions are complex but obviously non-random. Therefore, unlike the traditional model, this work introduces chaotic elements in the evolution of the economic system. As a result, it is found that the chaotic gas-like model can reproduce the referenced wealth distributions observed in real economies, i.e. the Gamma, Exponential and Pareto distributions.

Full Text
Paper version not known

Talk to us

Join us for a 30 min session where you can share your feedback and ask us any queries you have

Schedule a call

Disclaimer: All third-party content on this website/platform is and will remain the property of their respective owners and is provided on "as is" basis without any warranties, express or implied. Use of third-party content does not indicate any affiliation, sponsorship with or endorsement by them. Any references to third-party content is to identify the corresponding services and shall be considered fair use under The CopyrightLaw.