Economic Models with Chaotic Money Exchange

TL;DR

This paper explores how varying degrees of randomness and chaos in money exchange models influence the long-term distribution of wealth among agents in a closed economy, revealing different emergent statistical behaviors.

Contribution

It introduces a novel approach by incorporating chaotic dynamics into gas-like economic models, expanding understanding of wealth distribution mechanisms.

Findings

Different exchange rules lead to distinct asymptotic wealth distributions.

Chaotic exchange processes can produce diverse statistical wealth patterns.

Randomness level affects the equilibrium distribution of money.

Abstract

This paper presents a novel study on gas-like models for economic systems. The interacting agents and the amount of exchanged money at each trade are selected with different levels of randomness, from a purely random way to a more chaotic one. Depending on the interaction rules, these statistical models can present different asymptotic distributions of money in a community of individuals with a closed economy.