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Stable power laws in variable economies; Lotka-Volterra implies Pareto-Zipf

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The European Physical Journal B - Condensed Matter and Complex Systems Aims and scope Submit manuscript

Abstract:

In recent years we have found that logistic systems of the Generalized Lotka-Volterra type (GLV) describing statistical systems of auto-catalytic elements posses power law distributions of the Pareto-Zipf type. In particular, when applied to economic systems, GLV leads to power laws in the relative individual wealth distribution and in market returns. These power laws and their exponent α are invariant to arbitrary variations in the total wealth of the system and to other endogenously and exogenously induced variations.

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Authors and Affiliations

  1. Racah Institute of Physics, Hebrew University of Jerusalem, 91904 Jerusalem, Israel, , , , , , IL

    S. Solomon

  2. Department of Physics, Trinity College Dublin 2, Ireland, , , , , , IE

    P. Richmond

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  1. S. Solomon
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  2. P. Richmond
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Received 31 December 2001

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Solomon, S., Richmond, P. Stable power laws in variable economies; Lotka-Volterra implies Pareto-Zipf. Eur. Phys. J. B 27, 257–261 (2002). https://doi.org/10.1140/epjb/e20020152

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  • DOI: https://doi.org/10.1140/epjb/e20020152

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