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Wealth redistribution with conservative exchanges

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  • Pianegonda, S
  • Iglesias, J.R
  • Abramson, G
  • Vega, J.L
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    Abstract

    We present a simplified model for the exploitation of resources by interacting agents, where each agent receives a random fraction of the available resources. An extremal dynamics ensures that the poorest agent has a chance to change its economic welfare. After a long transient; the system self-organizes into a critical state that maximizes the average performance of each participant. Our model exhibits a new kind of wealth condensation, where very few extremely rich agents are stable in time and the rest stays in the middle class.

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    File URL: http://www.sciencedirect.com/science/article/pii/S0378437102017375
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    Bibliographic Info

    Article provided by Elsevier in its journal Physica A: Statistical Mechanics and its Applications.

    Volume (Year): 322 (2003)
    Issue (Month): C ()
    Pages: 667-675

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    Handle: RePEc:eee:phsmap:v:322:y:2003:i:c:p:667-675

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    Web page: http://www.journals.elsevier.com/physica-a-statistical-mechpplications/

    Related research

    Keywords: Econophysics; Wealth distribution; Extremal dynamics;

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    Cited by:
    1. Sebastian D. Guala, 2008. "Taxes in a simple wealth distribution model by inelastically scattering particles," Papers 0807.4484, arXiv.org.
    2. Zoltan Kuscsik & Denis Horvath, 2007. "Statistical properties of agent-based market area model," Papers 0710.0459, arXiv.org.
    3. J. R. Iglesias & R. M. C. de Almeida, 2011. "Entropy and equilibrium state of free market models," Papers 1108.5725, arXiv.org.
    4. Sebastian Guala, 2009. "Taxes in a Wealth Distribution Model by Inelastically Scattering of Particles," Interdisciplinary Description of Complex Systems - scientific journal, Croatian Interdisciplinary Society Provider Homepage: http://indecs.eu, vol. 7(1), pages 1-7.
    5. Hu, Feng-Rung, 2008. "On the estimation of the power-law exponent in the mean-field Bouchaud–Mézard model," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 387(18), pages 4605-4614.

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