Hydrodynamics from kinetic models of conservative economies

Düring, Bertram; Toscani, Giuseppe

Hydrodynamics from kinetic models of conservative economies

Files

dp07_06.pdf(365.69 KB)

Date

2007

Authors

Düring, Bertram

Toscani, Giuseppe

Series

CoFE-Diskussionspapiere / Zentrum für Finanzen und Ökonometrie; 2007/06

Publication type

Working Paper/Technical Report

Abstract

In this paper, we introduce and discuss the passage to hydrodynamic equations for kinetic models of conservative economies, in which the density of wealth depends on additional parameters, like the propensity to invest. As in kinetic theory of rarefied gases, the closure depends on the knowledge of the homogeneous steady wealth distribution (the Maxwellian) of the underlying kinetic model. The collision operator used here is the Fokker-Planck operator introduced by J.P. Bouchaud and M. Mezard in [4], which has been recently obtained in a suitable asymptotic of a Boltzmann-like model involving both exchanges between agents and speculative trading by S. Cordier, L. Pareschi and one of the authors [11]. Numerical simulations on the fluid equations are then proposed and analyzed for various laws of variation of the propensity.

Subject (DDC)

330 Economics

Keywords

Wealth and income distributions,Boltzmann equation,hydrodynamics,Euler equations

Cite This

ISO 690

DÜRING, Bertram, Giuseppe TOSCANI, 2007. Hydrodynamics from kinetic models of conservative economies

BibTex

@techreport{During2007Hydro-12040,
  year={2007},
  series={CoFE-Diskussionspapiere / Zentrum für Finanzen und Ökonometrie},
  title={Hydrodynamics from kinetic models of conservative economies},
  number={2007/06},
  author={Düring, Bertram and Toscani, Giuseppe}
}

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