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On a kinetic model for a simple market economy. (English) Zbl 1133.91474

Summary: We consider a simple kinetic model of economy involving both exchanges between agents and speculative trading. We show that the kinetic model admits non trivial quasi-stationary states with power law tails of Pareto type. In order to do this we consider a suitable asymptotic limit of the model yielding a Fokker-Planck equation for the distribution of wealth among individuals. For this equation the stationary state can be easily derived and shows a Pareto power law tail. Numerical results confirm the previous analysis.

MSC:

91B80 Applications of statistical and quantum mechanics to economics (econophysics)
91B54 Special types of economic markets (including Cournot, Bertrand)
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