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BEGIN:VEVENT
DTSTAMP:20261020T233839Z
LAST-MODIFIED:20141113T152155Z
DTSTART:20141117T180000Z
DTEND:20141117T190000Z
UID:event1352@bu.edu
URL:http://physics.bu.edu/internal/events/show/1352
SUMMARY:The Statistical Mechanics of Wealth: Agent-based Economics and Ergo
	dic Transitions
DESCRIPTION:Featuring Nicholas Lubbers\n\nPart of the Departmental Seminars
	.\n\nAbstract:\n\nThe study of Statistics hails from the study of large pop
	ulations of people. The modern discipline of Econophysics has turned the ph
	ysicist’s toolset of probability and statistics back to these societal ve
	nues. In order to gain insight into the structure of the wealth distributio
	n within an economy\, we invoke an asset exchange model economy which inclu
	des both exchange and growth of wealth. We then explore the phase space of 
	the model\, with an eye on the extent to which it reproduces the structural
	 features of real-world wealth distributions. We find a phase transition at
	 the point where net returns on holdings are multiplicative—a point which
	 may be relevant to real-world economics—between an ergodic economy with 
	mobile agents and a non-ergodic economy where all wealth condenses onto one
	 economic agent. The phase transition has several familiar features of ther
	modynamic transitions\, such as power law scaling\, data collapse\, and cri
	tical slowing down.\n\n![Lubbers](/resources/event-image/1352/062a744_small
	)\n![Lubbers](/resources/event-image/1352/7080669_small)
LOCATION:SCI 328\, 590 Commonwealth Avenue\, 02215
STATUS:CONFIRMED
CLASS:PUBLIC
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