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An important aim of mathematical models for economics is to understand allocation and misallocation of capital, income and wealth. Real economies are governed by aggregate behavior of a large number of individual agents. To understand the interplay between micro- and macro-behavior hence is at the heart of any mathematical-economical model that will allow to understand market anomalies and financial crises. Kinetic models for wealth and income distributions successfully use methods from statistical mechanics to model the behavior of a large number of interacting individuals or agents in an economy. These models lead to generalizations of the classical Boltzmann equation for gas dynamics. The main goals of this project are the development of new models that extend the currently simplistic approaches to stratified, inhomogeneous Boltzmann equations. Our aim is to explain from microscopic interactions the emergence of prevalent patterns and anomalies in real economic data like multiple modes in the wealth distribution curves and to model the effects of education, gender and social status on individuals' income and wealth.
Short description of the task performed by Croatian partner
Inhomogeneous models for wealth distribution. Fokker-Planck and diffusive limit equations and long-time asymptotics. Entropy dissipating numerical schemes and calibration to economic data.