We review a simple model of closed economy, where the economic agents make money transactions and a saving criterion is present. We observe the Gibbs distribution for zero saving propensity, and non-Gibbs distributions otherwise. While the exact solution in the case of zero saving propensity is already known to be given by the Gibbs distribution, here we provide the explicit analytical form of the equilibrium distribution for the general case of nonzero saving propensity. We verify it through comparison with numerical data and show that it can be cast in the form of a gamma-distribution. (C) 2004 Elsevier B.V. All rights reserved.
|Journal||Physica A: Statistical Mechanics and its Applications|
|Publication status||Published - 2004|
|MoE publication type||A1 Journal article-refereed|
- money dynamics
- gamma distribution
- Gibbs distribution