dorsal/arxiv
View SchemaTransfer Potentials shape and equilibrate Monetary Systems
| Authors | Dieter Braun, Robert Fischer |
|---|---|
| Categories | |
| ArXiv ID | physics/0211029 |
| URL | https://arxiv.org/abs/physics/0211029 |
| DOI | 10.1016/S0378-4371(02)01746-6 |
| Journal | Physica A, 321:605-618 (2003) |
Abstract
We analyze a monetary system of random money transfer on the basis of double entry bookkeeping. Without boundary conditions, we do not reach a price equilibrium and violate text-book formulas of economists quantity theory (MV=PQ). To match the resulting quantity of money with the model assumption of a constant price, we have to impose boundary conditions. They either restrict specific transfers globally or impose transfers locally. Both connect through a general framework of transfer potentials. We show that either restricted or imposed transfers can shape gaussian, tent-shape exponential, boltzmann-exponential, pareto or periodic equilibrium distributions. We derive the master equation and find its general time dependent approximate solution. An equivalent of quantity theory for random money transfer under the boundary conditions of transfer potentials is given.
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"abstract": "We analyze a monetary system of random money transfer on the basis of double\nentry bookkeeping. Without boundary conditions, we do not reach a price\nequilibrium and violate text-book formulas of economists quantity theory\n(MV=PQ). To match the resulting quantity of money with the model assumption of\na constant price, we have to impose boundary conditions. They either restrict\nspecific transfers globally or impose transfers locally. Both connect through a\ngeneral framework of transfer potentials. We show that either restricted or\nimposed transfers can shape gaussian, tent-shape exponential,\nboltzmann-exponential, pareto or periodic equilibrium distributions. We derive\nthe master equation and find its general time dependent approximate solution.\nAn equivalent of quantity theory for random money transfer under the boundary\nconditions of transfer potentials is given.",
"arxiv_id": "physics/0211029",
"authors": [
"Dieter Braun",
"Robert Fischer"
],
"categories": [
"physics.soc-ph",
"physics.data-an",
"q-fin.GN"
],
"doi": "10.1016/S0378-4371(02)01746-6",
"journal_ref": "Physica A, 321:605-618 (2003)",
"title": "Transfer Potentials shape and equilibrate Monetary Systems",
"url": "https://arxiv.org/abs/physics/0211029"
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