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Economic Models with Chaotic Money Exchange

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  • Carmen Pellicer-Lostao
  • Ricardo Lopez-Ruiz

Abstract

This paper presents a novel study on gas-like models for economic systems. The interacting agents and the amount of exchanged money at each trade are selected with different levels of randomness, from a purely random way to a more chaotic one. Depending on the interaction rules, these statistical models can present different asymptotic distributions of money in a community of individuals with a closed economy.

Suggested Citation

  • Carmen Pellicer-Lostao & Ricardo Lopez-Ruiz, 2009. "Economic Models with Chaotic Money Exchange," Papers 0901.1038, arXiv.org.
    • Handle: RePEc:arx:papers:0901.1038
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    References listed on IDEAS

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    1. Jean-Philippe Bouchaud & Marc Mezard, 2000. "Wealth condensation in a simple model of economy," Science & Finance (CFM) working paper archive 500026, Science & Finance, Capital Fund Management.
    2. Patriarca, Marco & Chakraborti, Anirban & Kaski, Kimmo, 2004. "Gibbs versus non-Gibbs distributions in money dynamics," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 340(1), pages 334-339.
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