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This Colloquium reviews statistical models for money, wealth, and income distributions developed in the econophysics literature since the late 1990s. By analogy with the Boltzmann-Gibbs distribution of energy in physics, it is shown that…
The pursuit of having an appropriate level of income inequality should be viewed as one of the biggest challenges facing academic scholars as well as policy makers. Unfortunately, research on this issue is currently lacking. This study is…
In this short paper, we overview and extend the results of our papers cond-mat/0001432, cond-mat/0008305, and cond-mat/0103544, where we use an analogy with statistical physics to describe probability distributions of money, income, and…
Urban development is shaped by historical, geographical, and economic factors, presenting challenges for planners in understanding urban form. This study models commute flows across multiple U.S. cities, uncovering consistent patterns in…
A class of conserved models of wealth distributions are studied where wealth (or money) is assumed to be exchanged between a pair of agents in a population like the elastically colliding molecules of a gas exchanging energy. All sorts of…
Analysis of the urban population fraction data for sixteen populous countries over the last fifty years reveals a universal increase in urbanization, exhibiting four qualitatively distinct temporal patterns: (i) continuously accelerating…
We analyse the income distributions of cities in France and the scaling of the income of different deciles as a function of the population. We find a significant difference in the scaling exponents for the richer and poorer parts of the…
Urban outputs, from economy to innovation, are known to grow as a power of a city's population. But, since large cities tend to be central in transportation and communication networks, the effects attributed to city size may be confounded…
Population annealing is a powerful sequential Monte Carlo algorithm designed to study the equilibrium behavior of general systems in statistical physics through massive parallelism. In addition to the remarkable scaling capabilities of the…
Strong empirical evidence from laboratory experiments, and more recently from population surveys, shows that individuals, when evaluating their situations, pay attention to whether they experience gains or losses, with losses weighing more…
Community structure exists in many real-world networks and has been reported being related to several functional properties of the networks. The conventional approach was partitioning nodes into communities, while some recent studies start…
A brief overview of the models and data analyses of income, wealth, consumption distributions by the physicists, are presented here. It has been found empirically that the distributions of income and wealth possess fairly robust features,…
The time evolution of Earth with her cities, languages and countries is considered in terms of the multiplicative noise and the fragmentation- processes, where the related families, size distributions, lifetimes, bilinguals, etc. are…
We analyze three sets of income data: the US Panel Study of Income Dynamics PSID), the British Household Panel Survey (BHPS), and the German Socio-Economic Panel (GSOEP). It is shown that the empirical income distribution is consistent with…
A practical statistical analysis on the regional populations and GDPs of China is conducted. The result shows that the distribution of the populations and that of the GDPs obeys the shifted power law, respectively. To understand these…
In the United States as in other countries, political and economic divisions cut along geographic and demographic lines. Richer people are more likely to vote for Republican candidates while poorer voters lean Democratic; this is consistent…
Many scientists are interested in but puzzled by the various inverse power laws with a negative exponent 1 such as the rank-size rule. The rank-size rule is a very simple scaling law followed by many observations of the ubiquitous empirical…
The distribution of money is analysed in connection with the Boltzmann distribution of energy in the degenerate states of molecules. Plots of the population density of income distribution for various countries are well reproduced by a Gamma…
We consider a version of D. Price's model for the growth of a bibliographic network, where in each iteration a constant number of citations is randomly allocated according to a weighted combination of accidental (uniformly distributed) and…
The World-Wide Web (WWW) is characterized by a strong community structure in which communities of webpages (e.g. those sharing a common keyword) are densely interconnected by hyperlinks. We study how such network architecture affects the…