10,408 research outputs found
Exponential wealth distribution in a random market. A rigorous explanation
In simulations of some economic gas-like models, the asymptotic regime shows
an exponential wealth distribution, independently of the initial wealth
distribution given to the system. The appearance of this statistical
equilibrium for this type of gas-like models is explained in a rigorous
analytical way.Comment: 9 pages, 4 figure
Exponential wealth distribution: a new approach from functional iteration theory
Exponential distribution is ubiquitous in the framework of multi-agent
systems. Usually, it appears as an equilibrium state in the asymptotic time
evolution of statistical systems. It has been explained from very different
perspectives. In statistical physics, it is obtained from the principle of
maximum entropy. In the same context, it can also be derived without any
consideration about information theory, only from geometrical arguments under
the hypothesis of equiprobability in phase space. Also, several multi-agent
economic models based on mappings, with random, deterministic or chaotic
interactions, can give rise to the asymptotic appearance of the exponential
wealth distribution. An alternative approach to this problem in the framework
of iterations in the space of distributions has been recently presented.
Concretely, the new iteration given by . It is found that the
exponential distribution is a stable fixed point of the former functional
iteration equation. From this point of view, it is easily understood why the
exponential wealth distribution (or by extension, other kind of distributions)
is asymptotically obtained in different multi-agent economic models.Comment: 6 pages, 5 figure
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