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Abstract
This is a review article for Encyclopedia of Complexity and System Science, to be published by Springer http://refworks.springer.com/complexity/. The paper reviews statistical models for money, wealth, and income distributions developed in the econophysics literature since late 1990s.
arXiv comments
24 pages, 11 figures, 151 citations. V.2: one reference added. V.3: many minor corrections, some references added. V.4: many minor stylistic corrections incorporated after receiving the proofs
Journal reference
Encyclopedia of Complexity and System Science, edited by R. A. Meyers, Springer, 1st edition 2009 ISBN 978-0-387-75888-6 (DOI 10.1007/978-0-387-30440-3_169), 2nd edition 2022 ISBN 978-3-642-27737-5
This kind of simulation results in an exponential distribution, which is fairly equal compared all things considered. In an exponential distribution, most people have roughly the same order of magnitude of wealth (10s to 100s of dollars). In real life, the bottom 99% follow an…
I've read a bit into econophysics. In stat mech, the exchange of energy between atoms is assumed to be random. When the exchange of energy is random, the resulting distribution of energies is a Gibbs distribution, which means that the probability of atoms with higher energies…
This kind of simulation results in an exponential distribution, which is fairly equal compared all things considered. In an exponential distribution, most people have roughly the same order of magnitude of wealth (10s to 100s of dollars). In real life, the bottom 99% follow an…
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