Patriarca, M;
Chakraborti, A;
Heinsalu, E;
Germano, G;
(2007)
Relaxation in statistical many-agent economy models.
European Physical Journal B
, 57
(2)
pp. 219-224.
10.1140/epjb/e2007-00122-7.
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Abstract
We review some statistical many-agent models of economic and social systems inspired by microscopic molecular models and discuss their stochastic interpretation. We apply these models to wealth exchange in economics and study how the relaxation process depends on the parameters of the system, in particular on the saving propensities that define and diversify the agent profiles.
| Type: | Article |
|---|---|
| Title: | Relaxation in statistical many-agent economy models |
| Open access status: | An open access version is available from UCL Discovery |
| DOI: | 10.1140/epjb/e2007-00122-7 |
| Publisher version: | http://dx.doi.org/10.1140/epjb/e2007-00122-7 |
| Language: | English |
| Additional information: | The final publication is available at Springer via http://dx.doi.org/10.1140/epjb/e2007-00122-7. |
| Keywords: | 89.65.Gh Economics; econophysics, financial markets, business and management. 87.23.Ge Dynamics of social systems. 02.50.-r Probability theory, stochastic processes, and statistics |
| UCL classification: | UCL UCL > Provost and Vice Provost Offices > UCL BEAMS UCL > Provost and Vice Provost Offices > UCL BEAMS > Faculty of Engineering Science UCL > Provost and Vice Provost Offices > UCL BEAMS > Faculty of Engineering Science > Dept of Computer Science |
| URI: | https://discovery-pp.ucl.ac.uk/id/eprint/1407439 |
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