An almost linear stochastic map related to the particle system models of social sciences
We propose a stochastic map model of economic dynamics. In the last decade, an array of observations in economics has been investigated in the econophysics literature, a major example being the universal features of inequality in terms of income and wealth. Another area of inquiry is the formation of opinion in a society. The proposed model attempts to produce positively skewed distributions and the power law distributions as has been observed in the real data of income and wealth. Also, it shows a non-trivial phase transition in the opinion of a society (opinion formation). A number of physical models also generates similar results. In particular, the kinetic exchange models have been especially successful in this regard. Therefore, we compare the results obtained from these two approaches and discuss a number of new features and drawbacks of this model.
Year of publication: |
2011-01
|
---|---|
Authors: | Chakrabarti, Anindya S. |
Institutions: | arXiv.org |
Saved in:
freely available
Saved in favorites
Similar items by person
-
Chakrabarti, Anindya S., (2011)
-
Bimodality in the firm size distributions: a kinetic exchange model approach
Chakrabarti, Anindya S., (2013)
-
Zipf's law in city size from a resource utilization model
Ghosh, Asim, (2014)
- More ...