TY - JOUR
T1 - Uniform propagation of chaos for a dollar exchange econophysics model
AU - Cao, Fei
AU - Cortez, Roberto
N1 - Publisher Copyright:
© The Author(s), 2024.
PY - 2024
Y1 - 2024
N2 - We study the poor-biased model for money exchange introduced in Cao & Motsch ((2023) Kinet. Relat. Models 16(5), 764–794.): agents are being randomly picked at a rate proportional to their current wealth, and then the selected agent gives a dollar to another agent picked uniformly at random. Simulations of a stochastic system of finitely many agents as well as a rigorous analysis carried out in Cao & Motsch ((2023) Kinet. Relat. Models 16(5), 764–794.), Lanchier ((2017) J. Stat. Phys. 167(1), 160–172.) suggest that, when both the number of agents and time become large enough, the distribution of money among the agents converges to a Poisson distribution. In this manuscript, we establish a uniform-in-time propagation of chaos result as the number of agents goes to infinity, which justifies the validity of the mean-field deterministic infinite system of ordinary differential equations as an approximation of the underlying stochastic agent-based dynamics.
AB - We study the poor-biased model for money exchange introduced in Cao & Motsch ((2023) Kinet. Relat. Models 16(5), 764–794.): agents are being randomly picked at a rate proportional to their current wealth, and then the selected agent gives a dollar to another agent picked uniformly at random. Simulations of a stochastic system of finitely many agents as well as a rigorous analysis carried out in Cao & Motsch ((2023) Kinet. Relat. Models 16(5), 764–794.), Lanchier ((2017) J. Stat. Phys. 167(1), 160–172.) suggest that, when both the number of agents and time become large enough, the distribution of money among the agents converges to a Poisson distribution. In this manuscript, we establish a uniform-in-time propagation of chaos result as the number of agents goes to infinity, which justifies the validity of the mean-field deterministic infinite system of ordinary differential equations as an approximation of the underlying stochastic agent-based dynamics.
KW - agent-based model
KW - coupling
KW - Econophysics
KW - uniform propagation of chaos
KW - Wasserstein distance
UR - http://www.scopus.com/inward/record.url?scp=85191370901&partnerID=8YFLogxK
U2 - 10.1017/S0956792524000184
DO - 10.1017/S0956792524000184
M3 - Article
AN - SCOPUS:85191370901
SN - 0956-7925
JO - European Journal of Applied Mathematics
JF - European Journal of Applied Mathematics
ER -