2003/12/05 by Marco Patriarca, Anirban Chakraborti, Kimmo Kaski · 1 citation
Economics, Econometrics and Finance · Physics and Astronomy · #Advanced Thermodynamics and Statistical Mechanics #Complex Systems and Time Series Analysis #Economic theories and models #cond-mat.stat-mech #q-fin.GN
paper · pdf · doi:10.1016/j.physa.2004.04.024
6 pages including 3 figures. Elsevier style. Submitted for Conference Proceedings of the International Conference "News and Expectations in Thermostatistics", 2003 in Cagliari (Italy)
arxiv created 2003/12/05 · openalex publication_date 2004/04/30 · arxiv updated 2009/12/01 · openalex created_date 2025/10/10 · openalex updated_date 2026/07/28
We review a simple model of closed economy, where the economic agents make money transactions and a saving criterion is present. We observe the Gibbs distribution for zero saving propensity, and non-Gibbs distributions otherwise. While the exact solution in the case of zero saving propensity is already known to be given by the Gibbs distribution, here we provide the explicit analytical form of the equilibrium distribution for the general case of nonzero saving propensity. We verify it through comparison with numerical data and show that it can be cast in the form of a Poisson distribution.