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Ideal-Gas Like Markets: Effect of Savings

Arnab Chatterjee·Bikas K Chakrabarti
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Abstract

We discuss the ideal gas like models of a trading market. The effect of savings on the distribution have been thoroughly reviewed. The market with fixed saving factors leads to a Gamma-like distribution. In a market with quenched random saving factors for its agents we show that the steady state income ($m$) distribution $P(m)$ in the model has a power law tail with Pareto index $ν$ equal to unity. We also discuss the detailed numerical results on this model. We analyze the distribution of mutual money difference and also develop a master equation for the time development of $P(m)$. Precise solutions are then obtained in some special cases.

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Arnab Chatterjee, Bikas K Chakrabarti. 2005-07-28. Ideal-Gas Like Markets: Effect of Savings. https://arxiv.org/abs/physics/0507136

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