Development of Econophysics: A Biased Account and Perspective from Kolkata

Chakrabarti, Bikas K.; Sinha, Antika

doi:10.3390/e23020254

Cited by 9 publications

(11 citation statements)

References 93 publications

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“…In Sociophysics (see e,g., [12]) or econophysics (see e.g., [13]) it is usually argued that models and techniques of statistical physics can lead to major success in comprehending the social and economic phenomena. Our study here may be the first one to show that various statistical indices of social sciences can in return lead to some major predictive power for the dynamics of failures in materials.…”

Section: Brief Summary and Discussionmentioning

confidence: 99%

Social Inequality Analysis of Fiber Bundle Model Statistics and Prediction of Materials Failure

Biswas,

Chakrabarti

2021

Preprint

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Section: Brief Summary and Discussionmentioning

confidence: 99%

Social Inequality Analysis of Fiber Bundle Model Statistics and Prediction of Materials Failure

Biswas,

Chakrabarti

2021

Preprint

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“…Both the indices, Gini (oldest and most popular one) and Kolkata (introduced in [18], see [16] for a recent review and [19] for a recent discussion in the context of empirical studies on 'Science of Science'), are based on the Lorenz curve or function [15,16] L(x), giving the cumulative fraction…”

Section: Theoretical Background For the Inequality Indicesmentioning

confidence: 99%

Kinetic exchange income distribution models with saving propensities: inequality indices and self-organized poverty level

Paul

Mukherjee

Joseph

et al. 2022

Phil. Trans. R. Soc. A.

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We report the numerical results for the steady-state income or wealth distribution P ( m ) and the resulting inequality measures (Gini g and Kolkata k indices) in the kinetic exchange models of market dynamics. We study the variations of P ( m ) and of the indices g and k with the saving propensity λ of the agents, with two different kinds of trade (kinetic exchange) dynamics. In the first case, the exchange occurs between randomly chosen pairs of agents and in the next, one of the agents in the chosen pair is the poorest of all and the other agent is randomly picked up from the rest of the population (where, in the steady state, a self-organized poverty level or SOPL appears). These studies have also been made for two different kinds of saving behaviours. One, where each agent has the same value of λ (constant over time) and the other where λ for each agent can take two values (0 and 1), changing randomly over a fraction of time ρ ( < 1 ) of choosing λ = 1 . We find that the inequality decreases with increasing savings ( λ ); inequality indices ( g and k ) decrease and SOPL increases with increasing λ , indicating possible applications in economic policy making. This article is part of the theme issue ‘Kinetic exchange models of societies and economies’.

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“…Earlier studies (see e.g., [8,9,28,29,30,31]) had proposed several learning strategies for KPR game. In references [29,30,31,32], the authors had studied several stochastic crowd avoidance learning strategies leading to increased utilization fraction (compared to the random choice case Eq. ( 3)).…”

Section: Statistics Of Kpr Game: Classical Strategiesmentioning

confidence: 99%

“…The Kraus operators for the game are constructed using the single qutrit Kraus operators as provided in Eqs. (30,31,32,33,34) by taking their tensor product over all n 3 combination of π (i) indices…”

Section: Effect Of Decoherencementioning

confidence: 99%

Stochastic Learning in Kolkata Paise Restaurant Problem: Classical \& Quantum Strategies

Chakrabarti¹,

Rajak²,

Sinha³

2022

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We will review the results for stochastic learning strategies, both classical (one-shot and iterative) and quantum (one-shot only), for optimizing the available many-choice resources among a large number of competing agents, developed over the last decade in the context of the Kolkata Paise Restaurant Problem. Apart from a few rigorous and approximate analytical results, both for classical and quantum strategies, most of the interesting results on the phase transition behavior (obtained so far for the classical model) using classical Monte Carlo simulations. All these, including the applications to computer science (job or resource allotments in Internet-of-Things), transport engineering (on-line vehicle hire problems), operation research (optimizing efforts for delegated search problem, efficient solution of Travelling Salesman problem), etc will be discussed.

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Development of Econophysics: A Biased Account and Perspective from Kolkata

Cited by 9 publications

References 93 publications

Social Inequality Analysis of Fiber Bundle Model Statistics and Prediction of Materials Failure

Social Inequality Analysis of Fiber Bundle Model Statistics and Prediction of Materials Failure

Kinetic exchange income distribution models with saving propensities: inequality indices and self-organized poverty level

Stochastic Learning in Kolkata Paise Restaurant Problem: Classical \& Quantum Strategies

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