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