The kinetic theory of gases is a stochastic model concerning the distribution of energy within a gas. However, we will see that the principles of this formalism can also be applied to the study of problems in economics and social science. The idea is that a large number of molecules and a large social group share common characteristics; in particular, both are predictable precisely because of their intrinsic randomness.
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Homogeneous models with energy (wealth) conservation laws
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Boltzmann/Gibbs and Gamma distribution analysis
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Pareto model for wealth distribution
- Dragulescu/Yakovenko model of wealth exchange
- Chakraborti/Chakrabarti model
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"Social" particles exchange
- Lallouache model
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Heterogeneous models
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Newton-Raphson data analysis
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Various social science problems: debt, fixed savings, taxes, rock-paper-scissors models