The Microscopic Origin of the Pareto Law and Other Power-Law Distributions

Tutkimustuotos: Artikkeli kirjassa/konferenssijulkaisussavertaisarvioitu

Tutkijat

  • Marco Patriarca
  • Els Heinsalu
  • Anirban Chakraborti
  • Kimmo Kaski

Organisaatiot

  • National Institute of Chemical Physics and Biophysics, Tallinn
  • Jawaharlal Nehru University

Kuvaus

Many complex systems are characterized by power-law distributions, beginning with the first historical example of the Pareto law for the wealth distribution in economic systems. In the case of the Pareto law and other instances of power-law distributions, the power-law tail can be explained in the framework of canonical statistical mechanics as a statistical mixture of canonical equilibrium probability densities of heterogeneous subsystems at equilibrium. In this picture, each subsystem interacts (weakly) with the others and is characterized at equilibrium by a canonical distribution, but the distribution associated to the whole set of interacting subsystems can in principle be very different. This phenomenon, which is an example of the possible constructive role of the interplay between heterogeneity and noise, was observed in numerical experiments of Kinetic Exchange Models and presented in the conference “Econophys-Kolkata-I”, hold in Kolkata in 2005. The 2015 edition, taking place ten years later and coinciding with the twentieth anniversary of the 1995 conference hold in Kolkata where the term “Econophysics” was introduced, represents an opportunity for an overview in a historical perspective of this mechanism within the framework of heterogeneous kinetic exchange models (see also Kinetic exchange models as D-dimensional systems in this volume). We also propose a generalized framework, in which both quenched heterogeneity and time dependent parameters can comply constructively leading the system toward a more robust and extended power-law distribution.

Yksityiskohdat

AlkuperäiskieliEnglanti
OtsikkoEconophysics and Sociophysics: Recent Progress and Future Directions
ToimittajatFrédéric Abergel, Hideaki Aoyama, Bikas K. Chakrabarti, Anirban Chakraborti, Nivedita Deo, Dhruv Raina, Irena Vodenska
TilaJulkaistu - 2017
OKM-julkaisutyyppiA3 Kirjan osa tai toinen tutkimuskirja
TapahtumaInternational Workshop Econophys - New Delhi, Intia
Kesto: 27 marraskuuta 20151 joulukuuta 2015
Konferenssinumero: 9

Julkaisusarja

NimiNew economic windows
KustantajaSpringer
ISSN (painettu)2039-411X
ISSN (elektroninen)2039-4128

Workshop

WorkshopInternational Workshop Econophys
LyhennettäEconophys
MaaIntia
KaupunkiNew Delhi
Ajanjakso27/11/201501/12/2015

ID: 16822650