@article{
 title = {Entropy and equilibrium state of free market models},
 type = {article},
 year = {2012},
 identifiers = {[object Object]},
 keywords = {Physics,econophysics,statistical physics},
 pages = {85},
 volume = {85},
 websites = {http://www.springerlink.com/content/gh417356223190n7/},
 month = {3},
 publisher = {Springer Berlin / Heidelberg},
 day = {5},
 id = {4420e978-da0b-3baa-ac91-ef4a6a02c57d},
 created = {2012-03-15T23:11:16.000Z},
 accessed = {2012-03-13},
 file_attached = {false},
 profile_id = {b134829f-533a-337c-bfec-b96c6cb0219a},
 group_id = {a84e3e74-b76a-3098-bae1-c8a78c436569},
 last_modified = {2017-03-14T14:02:54.442Z},
 read = {false},
 starred = {false},
 authored = {false},
 confirmed = {true},
 hidden = {false},
 citation_key = {Iglesias2012},
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 abstract = {Many recent models of trade dynamics use the simple idea of wealth exchanges among economic agents in order to obtain a stable or equilibrium distribution of wealth among the agents. In particular, a plain analogy compares the wealth in a society with the energy in a physical system, and the trade between agents to the energy exchange between molecules during collisions. In physical systems, the energy exchange among molecules leads to a state of equipartition of the energy and to an equilibrium situation where the entropy is a maximum. On the other hand, in a large class of exchange models, the system converges to a very unequal condensed state, where one or a few agents concentrate all the wealth of the society while the wide majority of agents shares zero or almost zero fraction of the wealth. So, in those economic systems a minimum entropy state is attained. We propose here an analytical model where we investigate the effects of a particular class of economic exchanges that minimize the entropy. By solving the model we discuss the conditions that can drive the system to a state of minimum entropy, as well as the mechanisms to recover a kind of equipartition of wealth.},
 bibtype = {article},
 author = {Iglesias, J. R. and Almeida, R. M. C.},
 journal = {The European Physical Journal B},
 number = {3}
}

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