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Cooperation between individuals is emergent in all parts of society, yet mechanistic reasons for this emergence is ill understood in the literature. A specific example of this is insurance. Recent work has, though, shown that assuming the…

物理与社会 · 物理学 2024-03-20 Tobias Wand , Oliver Kamps , Benjamin Skjold

Many models of market dynamics make use of the idea of wealth exchanges among economic agents. A simple analogy compares the wealth in a society with the energy in a physical system, and the trade between agents to the energy exchange…

物理与社会 · 物理学 2010-07-14 J. R. Iglesias

We propose a set of conservative models in which agents exchange wealth with a preference in the choice of interacting agents in different ways. The common feature in all the models is that the temporary values of financial status of agents…

物理与社会 · 物理学 2015-06-22 Sanchari Goswami , Parongama Sen

This paper considers the ideal gas-like model of trading markets, where each individual is identified as a gas molecule that interacts with others trading in elastic or money-conservative collisions. Traditionally this model introduces…

综合金融 · 定量金融 2009-06-13 Carmen Pellicer-Lostao , Ricardo Lopez-Ruiz

Using a model based on generalised Lotka Volterra dynamics together with some recent results for the solution of generalised Langevin equations, we show that the equilibrium solution for the probability distribution of wealth has two…

统计力学 · 物理学 2008-12-10 Peter Richmond , Sorin Solomon

We present here a general framework, expressed by a system of nonlinear differential equations, suitable for the modelling of taxation and redistribution in a closed (trading market) society. This framework allows to describe the evolution…

物理与社会 · 物理学 2011-09-06 Maria Letizia Bertotti , Giovanni Modanese

We consider the efficient outcome of a canonical economic market model involving buyers and sellers with independent and identically distributed random valuations and costs, respectively. When the number of buyers and sellers is large, we…

概率论 · 数学 2017-03-02 Ellen V. Muir , Konstantin Borovkov

Financial markets display scale-free behavior in many different aspects. The power-law behavior of part of the distribution of individual wealth has been recognized by Pareto as early as the nineteenth century. Heavy-tailed and scale-free…

交易与市场微观结构 · 定量金融 2009-06-03 M. Ebert , W. Paul

We propose a novel kinetic exchange model differing from previous ones in two main aspects. First, the basic dynamics is modified in order to represent economies where immediate wealth exchanges are carried out, instead of reshufflings or…

综合金融 · 定量金融 2015-05-07 Els Heinsalu , Marco Patriarca

A continuous variable changing between 0 and 1 is introduced to characterise contentment, or satisfaction with life, of an individual and an equation governing its evolution is postulated from analysis of several factors likely to affect…

综合经济学 · 经济学 2021-09-01 Alexey A. Burluka

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…

综合金融 · 定量金融 2009-11-13 Arnab Chatterjee , Bikas K. Chakrabarti

Based on the stochastic model proposed by Patriarca-Kaski-Chakraborti that describes the exchange of wealth between $n$ economic agents, we analyze the evolution of the corresponding economies under the assumption of a Gaussian background,…

综合金融 · 定量金融 2011-02-25 J. M. Pellon-Diaz , A. Aragones-Munoz , A. Sandoval-Villalbazo , A. Diaz-Reynoso

We investigate a model of interacting clusters which compete for growth. For a finite assembly of coupled clusters, the largest one always wins, so that all but this one die out in a finite time. This scenario of `survival of the biggest'…

统计力学 · 物理学 2007-05-23 J. M. Luck , Anita Mehta

'Rich get richer' rule comforts previously often chosen actions. What is happening to the evolution of individual inclinations to choose an action when agents do interact ? Interaction tends to homogenize while each individual dynamics…

概率论 · 数学 2020-08-05 Irene Crimaldi , Pierre-Yves Louis , Ida Germana Minelli

We consider a network of interacting agents and we model the process of choice on the adoption of a given innovative product by means of statistical-mechanics tools. The modelization allows us to focus on the effects of direct interactions…

物理与社会 · 物理学 2015-02-24 Paolo Sgrignoli , Elena Agliari , Raffaella Burioni , Augusto Schianchi

A greedy personality is usually accompanied by arrogance and confidence. This work investigates the cooperation success condition in the context of biased payoff allocation and self-confidence. The first component allows the organizer in a…

物理与社会 · 物理学 2023-07-28 Chaoqian Wang , Wenqiang Zhu , Attila Szolnoki

We mathematically analyze a simple market model where trading at each point in time involves only two agents with the sum of their money being conserved and with neither parties resulting with negative money after the interaction process.…

统计力学 · 物理学 2016-08-31 Arnab Das , Sudhakar Yarlagadda

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),…

概率论 · 数学 2008-12-02 Ted Theodosopoulos , Ming Yuen

We discuss the equivalence between kinetic wealth-exchange models, in which agents exchange wealth during trades, and mechanical models of particles, exchanging energy during collisions. The universality of the underlying dynamics is shown…

综合金融 · 定量金融 2009-11-13 Anirban Chakraborti , Marco Patriarca

A deterministic system of coupled maps is proposed as a model for economic activity among interacting agents. The values of the maps represent the wealth of the agents. The dynamics of the system is controlled by two parameters. One…

混沌动力学 · 物理学 2008-12-02 J. R. Sanchez , J. Gonzalez-Estevez , R. Lopez-Ruiz , M. G. Cosenza