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Master equation for a kinetic model of trading market and its analytic solution

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  • Arnab Chatterjee
  • Bikas K. Chakrabarti
  • Robin B. Stinchcombe

Abstract

We analyze an ideal gas like model of a trading market with quenched random saving factors for its agents and show that the steady state income ($m$) distribution $P(m)$ in the model has a power law tail with Pareto index $\nu$ exactly equal to unity, confirming the earlier numerical studies on this model. The analysis starts with the development of a master equation for the time development of $P(m)$. Precise solutions are then obtained in some special cases.

Suggested Citation

  • Arnab Chatterjee & Bikas K. Chakrabarti & Robin B. Stinchcombe, 2005. "Master equation for a kinetic model of trading market and its analytic solution," Papers cond-mat/0501413, arXiv.org, revised Aug 2005.
    • Handle: RePEc:arx:papers:cond-mat/0501413
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