TY - JOUR
T1 - Stable power laws in variable economies; Lotka-Volterra implies Pareto-Zipf
AU - Solomon, S.
AU - Richmond, P.
PY - 2002/5/2
Y1 - 2002/5/2
N2 - 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.
AB - 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.
KW - 87.23.-n Ecology and evolution
KW - 89.65.Gh Economics, business, and financial markets
KW - 89.75.Da Systems obeying scaling laws
UR - http://www.scopus.com/inward/record.url?scp=0012736385&partnerID=8YFLogxK
U2 - 10.1140/epjb/e20020152
DO - 10.1140/epjb/e20020152
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AN - SCOPUS:0012736385
SN - 1434-6028
VL - 27
SP - 257
EP - 261
JO - European Physical Journal B
JF - European Physical Journal B
IS - 2
ER -