Related papers: Boltzmann legacy and wealth distribution
A sequence of exact relations is found which connect one- and many-particle time-dependent distribution functions of low-density gas with their derivatives in respect to mean density. It is shown that, at least in the context of spatially…
The dynamics of wealth distribution plays a critical role in the economic market, hence an understanding of its nonequilibrium statistical mechanics is of great importance to human society. For this aim, a simple and efficient…
The known nonlinear kinetic equations (in particular, the wave kinetic equation and the quantum Nordheim -- Uehling -- Uhlenbeck equations) are considered as a natural generalization of the classical spatially homogeneous Boltzmann…
We study the model of interacting agents proposed by Chatterjee et al that allows agents to both save and exchange wealth. Closed equations for the wealth distribution are developed using a mean field approximation. We show that when all…
It has been conjectured that canonical Bewley--Huggett--Aiyagari heterogeneous-agent models cannot explain the joint distribution of income and wealth. The results stated below verify this conjecture and clarify its implications under very…
The article discusses some of the latest advances in the mathematical understanding of the nature of kinetic equations that describe the collective behavior of many-particle systems with collisional dynamics.
In this paper, for the first time a theory is formulated that predicts velocity and spatial correlations between occupation numbers that occur in lattice gas automata violating semi-detailed balance. Starting from a coupled BBGKY hierarchy…
We analyze the convergence to equilibrium in a family of Kac-like kinetic equations in multiple space dimensions. These equations describe the change of the velocity distribution in a spatially homogeneous gas due to binary collisions…
We introduce a class of Boltzmann equations on the real line, which constitute extensions of the classical Kac caricature. The collisional gain operators are defined by smoothing transformations with quite general properties. By…
This paper consider a highly general dissemination model that keeps track of the stochastic evolution of the distribution of wealth over a set of agents. There are two types of events: (i) units of wealth externally arrive, and (ii) units…
The linear Boltzmann equation describes the macroscopic transport of a gas of non-interacting point particles in low-density matter. It has wide-ranging applications, including neutron transport, radiative transfer, semiconductors and ocean…
We prove that Pareto theory of circulation of elites results from our wealth evolution model, Kelly criterion for optimal betting and Keynes' observation of "animal spirits" that drive the economy and cause that human financial decisions…
We consider a non-interacting one-dimensional gas accelerated by a constant and uniform external field. The energy absorbed from the field is transferred via elastic collisions to a bath of scattering obstacles. At gas-obstacle encounters…
Within the framework of the homogeneous non-linear Boltzmann equation, we present a new analytic method, without the intrinsic limitations of existing methods, for obtaining asymptotic solutions. This method permits extension of existing…
We discuss a family of models expressed by nonlinear differential equation systems describing closed market societies in the presence of taxation and redistribution. We focus in particular on three example models obtained in correspondence…
A linear Boltzmann equation is derived in the Boltzmann-Grad scaling for the deterministic dynamics of many interacting particles with random initial data. We study a Rayleigh gas where a tagged particle is undergoing hard-sphere collisions…
This paper develops a nonparametric statistical model of wealth distribution that imposes little structure on the fluctuations of household wealth. In this setting, we use new techniques to obtain a closed-form household-by-household…
We propose a novel approach in the study of transport phenomena in dense systems or systems with long range interactions where multiple particle interactions must be taken into consideration. Within Boltzmann's kinetic formalism, we study…
A convenient form of kinetic equation is derived for pair annihilation of heavy stable particles relevant to the dark matter problem in cosmology. The kinetic equation thus derived extends the on-shell Boltzmann equation in a most…
The LLS stock market model is a model of heterogeneous quasi-rational investors operating in a complex environment about which they have incomplete information. We review the main features of this model and several of its extensions. We…