Related papers: Hierarchical financial structures with money casca…
Turbulence is characterized by the non-linear cascades of energy and other inviscid invariants across a huge range of scales, from where they are injected to where they are dissipated. Recently, new experimental, numerical and theoretical…
In this short paper we define the wealth process in a spin model for market microstructure, for individual agents and in aggregate. The agents in our model try to balance their desire to belong to the local majority (herding behavior),…
Active fluids exhibit spontaneous flows with complex spatiotemporal structure, which have been observed in bacterial suspensions, sperm cells, cytoskeletal suspensions, self-propelled colloids, and cell tissues. Despite occurring in the…
We analyze wealth condensation for a wide class of stochastic economy models on the basis of the economic analog of thermodynamic potentials, termed transfer potentials. The economy model is based on three common transfers modes of wealth:…
General hierarchical lattices of coupled maps are considered as dynamical systems. These models may describe many processes occurring in heterogeneous media with tree-like structures. The transition to turbulence via spatiotemporal…
Wall turbulence consists of various sizes of vortical structures that induce flow circulation around a wide range of closed Eulerian loops. Here we investigate the multiscale properties of circulation around such loops in statistically…
This investigation presents evidence of the relation between the dynamics of intense events in small-scale turbulence and the energy cascade. We use the generalised (H\"older) means to track the temporal evolution of intense events of the…
Exponential distribution is ubiquitous in the framework of multi-agent systems. An alternative approach with an economic motivation to derive the exponential distribution in the framework of iterations in the space of distributions is…
Invariance properties of a physical system govern its behavior: energy conservation in turbulence drives a wide distribution of energy among modes, as observed in geophysics, astrophysics and engineering. In hydrodynamic turbulence, the…
We develop a general framework to analyze the distribution functions of wealth and income. Within this framework we study wealth distribution in a society by using a model which turns on two-party trading for poor people while for rich…
Scaling of turbulent wall-bounded flows is revealed in the gradient structures, for each of the Reynolds stress components. Within the dissipation structure, an asymmetrical order exists, that we can deploy to unify the scaling and…
The power law is ubiquitous in natural and social phenomena, and is considered as a universal relationship between the frequency and its rank for diverse social systems. However, a general model is still lacking to interpret why these…
We report evidence of a deep interplay between cross-correlations hierarchical properties and multifractality of New York Stock Exchange daily stock returns. The degree of multifractality displayed by different stocks is found to be…
A dynamical model of capital exchange is introduced in which a specified amount of capital is exchanged between two individuals when they meet. The resulting time dependent wealth distributions are determined for a variety of exchange…
A financial system contains many elements networked by their relationships. Extensive works show that topological structure of the network stores rich information on evolutionary behaviors of the system such as early warning signals of…
We discuss a Pareto macro-economy (a) in a closed system with fixed total wealth and (b) in an open system with average mean wealth and compare our results to a similar analysis in a super-open system (c) with unbounded wealth. Wealth…
Energy cascades lie at the heart of the dynamics of turbulent flows. In a recent study of turbulence in fluids with odd-viscosity [de Wit \textit{et al.}, Nature \textbf{627}, 515 (2024)], the two-dimensionalization of the flow at small…
According to Richardson's cascade description of turbulence, large vortices break up to form smaller ones, thereby transferring kinetic energy towards smaller scales. Energy dissipation occurs at the smallest scales due to viscosity. We…
We study the distributions of money in a simple closed economic system for different types of monetary transactions. We know that for arbitrary and random sharing but locally conserving money transactions, the money distribution goes to the…
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…