Colloquium: Statistical mechanics of money, wealth, and income

@inproceedings{Yakovenko2009ColloquiumSM,
  title={Colloquium: Statistical mechanics of money, wealth, and income},
  author={Victor M. Yakovenko and J. Barkley Rosser},
  year={2009}
}
This Colloquium reviews statistical models for money, wealth, and income distributions developed in the econophysics literature since the late 1990s. By analogy with the Boltzmann-Gibbs distribution of energy in physics, it is shown that the probability distribution of money is exponential for certain classes of models with interacting economic agents. Alternative scenarios are also reviewed. Data analysis of the empirical distributions of wealth and income reveals a two-class distribution. The… CONTINUE READING

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