Hideaki Aoyama, Yoshi Fujiwara, Mauro G
827
allegati
posted by Matúš Medo
(12 March 2010)
pdf
other
(88 views, 78 downloads, 0 comments )
We show that an economic system populated by multiple agents generates an
equilibrium distribution in the form of multiple scaling laws of conditional
PDFs, which are sufficient for characterizing the probability distribution. The
existence of the double scaling law is demonstrated empirically for the sales
and the labor of one million Japanese firms. Theoretical study of the scaling
laws suggests lognormal joint distributions of sales and labor and a scaling
law for labor productivity, both of which are confirmed empirically. This
framework offers characterization of the equilibrium distribution with a small
number of scaling indices, which determine macroscopic quantities, thus setting
the stage for an equivalence with statistical physics, bridging micro- and
macro-economics.
The Econophysics Forum
welcomes your comments