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Relaxation in statistical many-agent economy models

Patriarca, M; Chakraborti, A; Heinsalu, E; Germano, G; (2007) Relaxation in statistical many-agent economy models. European Physical Journal B , 57 (2) pp. 219-224. 10.1140/epjb/e2007-00122-7. Green open access

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Abstract

We review some statistical many-agent models of economic and social systems inspired by microscopic molecular models and discuss their stochastic interpretation. We apply these models to wealth exchange in economics and study how the relaxation process depends on the parameters of the system, in particular on the saving propensities that define and diversify the agent profiles.

Type: Article
Title: Relaxation in statistical many-agent economy models
Open access status: An open access version is available from UCL Discovery
DOI: 10.1140/epjb/e2007-00122-7
Publisher version: http://dx.doi.org/10.1140/epjb/e2007-00122-7
Language: English
Additional information: The final publication is available at Springer via http://dx.doi.org/10.1140/epjb/e2007-00122-7.
Keywords: 89.65.Gh Economics; econophysics, financial markets, business and management. 87.23.Ge Dynamics of social systems. 02.50.-r Probability theory, stochastic processes, and statistics
UCL classification: UCL
UCL > Provost and Vice Provost Offices
UCL > Provost and Vice Provost Offices > UCL BEAMS
UCL > Provost and Vice Provost Offices > UCL BEAMS > Faculty of Engineering Science
UCL > Provost and Vice Provost Offices > UCL BEAMS > Faculty of Engineering Science > Dept of Computer Science
URI: https://discovery.ucl.ac.uk/id/eprint/1407439
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