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Inequalities of wealth distribution in a conservative economy

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  • Pianegonda, S.
  • Iglesias, J.R.
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    Abstract

    We analyze a conservative market model for the competition among economic agents in a society with conserved total wealth. A minimum dynamics ensures that the poorest agent has a chance to improve its economic welfare. After a transient, the system self-organizes into a critical state where the wealth distribution have a minimum threshold, with almost no agent below this poverty line. Also, very few extremely rich agents are stable in time. Above the poverty line the distribution follows an exponential behavior. The local solution exhibits a low Gini index, while the mean field solution of the model generates a wealth distribution similar to welfare states like Sweden.

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    File URL: http://www.sciencedirect.com/science/article/pii/S0378437104004984
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    Bibliographic Info

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

    Volume (Year): 342 (2004)
    Issue (Month): 1 ()
    Pages: 193-199

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    Handle: RePEc:eee:phsmap:v:342:y:2004:i:1:p:193-199

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

    Related research

    Keywords: Econophysics; Inequalities; Wealth distribution; Minimum 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. J. R. Iglesias & R. M. C. de Almeida, 2011. "Entropy and equilibrium state of free market models," Papers 1108.5725, arXiv.org.
    3. 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.
    4. M. A. Fuentes & M. N. Kuperman & J. R. Iglesias, 2006. "Living in an Irrational Society: Wealth Distribution with Correlations between Risk and Expected Profits," Papers physics/0603076, arXiv.org.

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