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Basic tools of econophysics are probabilistic and statistical methods often taken from statistical physics.. Physics models that have been applied in economics include the kinetic theory of gas (called the kinetic exchange models of markets [7]), percolation models, chaotic models developed to study cardiac arrest, and models with self-organizing criticality as well as other models developed ...
Kinetic exchange models are multi-agent dynamic models inspired by the statistical physics of energy distribution, which try to explain the robust and universal features of income/wealth distributions. Understanding the distributions of income and wealth in an economy has been a classic problem in economics for more than a
James Clerk Maxwell introduced this approximation in 1867 [3] although its origins can be traced back to his first work on the kinetic theory in 1860. [4] [5] The assumption of molecular chaos is the key ingredient that allows proceeding from the BBGKY hierarchy to Boltzmann's equation, by reducing the 2-particle distribution function showing ...
Kinetic theory may refer to: Kinetic theory of matter: A general account of the properties of matter, including solids liquids and gases, based around the idea that heat or temperature is a manifestation of atoms and molecules in constant agitation. Kinetic theory of gases, an account of gas properties in terms of motion and interaction of ...
Economic events are considered as processes of creation, motion and distribution of value that is firstly measured as exchange value.The factor interpretation of the exchange value, accepted by Econodynamics, is based on the Smith-Marx's labour theory of value, according to which efforts of workers are the most essential production factor.
The kinetic theory of gases deals not only with gases in thermodynamic equilibrium, but also very importantly with gases not in thermodynamic equilibrium. This means using Kinetic Theory to consider what are known as "transport properties", such as viscosity, thermal conductivity, mass diffusivity and thermal diffusion.
In statistical physics, the kinetic theory of gases applies Newton's laws of motion to large numbers (typically on the order of the Avogadro number) of particles. Kinetic theory can explain, for example, the pressure that a gas exerts upon the container holding it as the aggregate of many impacts of atoms, each imparting a tiny amount of momentum.
the definition of economics [2] the scope of economics as defined by its methods [3] fundamental principles and operational significance of economic theory [4] methodological individualism versus holism in economics [5] the role of simplifying assumptions such as rational choice and profit maximizing in explaining or predicting phenomena [6]