The Question of Relaxation in the Wealth Exchange Models

TL;DR

This paper investigates the concept of relaxation in wealth exchange models in Econophysics, introducing a quantifiable measure and supporting findings with numerical simulations and a simple differential equation.

Contribution

It defines a new measure of relaxation in wealth exchange models and provides numerical and heuristic analysis of the relaxation process.

Findings

Quantitative characterization of relaxation in wealth exchange models

Numerical evaluation of relaxation dynamics for many-agent systems

Heuristic support via a simple differential equation

Abstract

We look at the meaning of 'relaxation' in the wealth exchange models that are recently proposed in Econophysics to interpret the wealth distributions. To quantify and characterise the process of relaxation, we define an appropriate quantity and evaluate that numerically for the systems of many agents. Also, the numerical results have been supported heuristically by constructing a simple differential equation.