Hydrodynamics from kinetic models of conservative economies

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Date
2007
Authors
Düring, Bertram
Toscani, Giuseppe
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CoFE-Diskussionspapiere / Zentrum für Finanzen und Ökonometrie; 2007/06
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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.
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330 Economics
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Wealth and income distributions,Boltzmann equation,hydrodynamics,Euler equations
Conference
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ISO 690DÜRING, 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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