TY - JOUR
T1 - Kinetic equations modelling wealth redistribution
T2 - A comparison of approaches
AU - Düring, Bertram
AU - Matthes, Daniel
AU - Toscani, Giuseppe
PY - 2008/11/7
Y1 - 2008/11/7
N2 - Kinetic equations modelling the redistribution of wealth in simple market economies is one of the major topics in the field of econophysics. We present a unifying approach to the qualitative study for a large variety of such models, which is based on a moment analysis in the related homogeneous Boltzmann equation, and on the use of suitable metrics for probability measures. In consequence, we are able to classify the most important feature of the steady wealth distribution, namely the fatness of the Pareto tail, and the dynamical stability of the latter in terms of the model parameters. Our results apply, e.g., to the market model with risky investments, and to the model with quenched saving propensities. Also, we present results from numerical experiments that confirm the theoretical predictions.
AB - Kinetic equations modelling the redistribution of wealth in simple market economies is one of the major topics in the field of econophysics. We present a unifying approach to the qualitative study for a large variety of such models, which is based on a moment analysis in the related homogeneous Boltzmann equation, and on the use of suitable metrics for probability measures. In consequence, we are able to classify the most important feature of the steady wealth distribution, namely the fatness of the Pareto tail, and the dynamical stability of the latter in terms of the model parameters. Our results apply, e.g., to the market model with risky investments, and to the model with quenched saving propensities. Also, we present results from numerical experiments that confirm the theoretical predictions.
UR - http://www.scopus.com/inward/record.url?scp=56649120231&partnerID=8YFLogxK
U2 - 10.1103/PhysRevE.78.056103
DO - 10.1103/PhysRevE.78.056103
M3 - Article
AN - SCOPUS:56649120231
SN - 1539-3755
VL - 78
JO - Physical Review E - Statistical Physics, Plasmas, Fluids, and Related Interdisciplinary Topics
JF - Physical Review E - Statistical Physics, Plasmas, Fluids, and Related Interdisciplinary Topics
IS - 5
M1 - 056103
ER -