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Money in Gas-Like Markets: Gibbs and Pareto Laws

Arnab Chatterjee·Bikas K. Chakrabarti·S. S. Manna
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Abstract

We consider the ideal-gas models of trading markets, where each agent is identified with a gas molecule and each trading as an elastic or money-conserving (two-body) collision. Unlike in the ideal gas, we introduce saving propensity $λ$ of agents, such that each agent saves a fraction $λ$ of its money and trades with the rest. We show the steady-state money or wealth distribution in a market is Gibbs-like for $λ=0$, has got a non-vanishing most-probable value for $λ\ne 0$ and Pareto-like when $λ$ is widely distributed among the agents. We compare these results with observations on wealth distributions of various countries.

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Arnab Chatterjee, Bikas K. Chakrabarti, S. S. Manna. 2003-11-11. Money in Gas-Like Markets: Gibbs and Pareto Laws. https://doi.org/10.1238/physica.topical.106a00036

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