Kinetic Exchange Models for Income and Wealth Distributions
General Finance
2009-11-13 v2 Statistical Mechanics
Adaptation and Self-Organizing Systems
Physics and Society
Abstract
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.
Keywords
Cite
@article{arxiv.0709.1543,
title = {Kinetic Exchange Models for Income and Wealth Distributions},
author = {Arnab Chatterjee and Bikas K. Chakrabarti},
journal= {arXiv preprint arXiv:0709.1543},
year = {2009}
}
Comments
15 pages, 20 eps figures, EPJ class; To be published as "Colloquium" in Eur Phys J B