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Statistical equilibrium in simple exchange games II. The redistribution game

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  • U. Garibaldi

    ()

  • E. Scalas
  • P. Viarengo

Abstract

We propose a simple stochastic exchange game mimicking taxation and redistribution. There are g agents and n coins; taxation is modeled by randomly extracting some coins; then, these coins are redistributed to agents following Polya's scheme. The individual wealth equilibrium distribution for the resulting Markov chain is the multivariate symmetric Polya distribution. In the continuum limit, the wealth distribution converges to a Gamma distribution, whose form factor is just the initial redistribution weight. The relationship between this taxation-and-redistribution scheme and other simple conservative stochastic exchange games (such as the BDY game) is discussed. Copyright EDP Sciences/Società Italiana di Fisica/Springer-Verlag 2007

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File URL: http://hdl.handle.net/10.1140/epjb/e2007-00338-5
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Bibliographic Info

Article provided by Springer in its journal The European Physical Journal B.

Volume (Year): 60 (2007)
Issue (Month): 2 (November)
Pages: 241-246

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Handle: RePEc:spr:eurphb:v:60:y:2007:i:2:p:241-246

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Web page: http://www.springer.com/economics/journal/10051

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Related research

Keywords: 05.40.-a Fluctuation phenomena; random processes; noise; and Brownian motion; 89.65.Gh Economics; econophysics; financial markets; business and management; 02.50.Cw Probability theory; 05.60.-k Transport processes;

References

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  1. Axtell, R. & Epstein, J.M. & Young, H.P., 2000. "The Emergence of Classes in a Multi-Agent Bargaining Model," Papers 9, Brookings Institution - Working Papers.
  2. Aoki,Masanao & Yoshikawa,Hiroshi, 2007. "Reconstructing Macroeconomics," Cambridge Books, Cambridge University Press, number 9780521831062.
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Cited by:
  1. Lorenzo Pareschi & Giuseppe Toscani, 2014. "Wealth distribution and collective knowledge. A Boltzmann approach," Papers 1401.4550, arXiv.org.
  2. Anirban Chakraborti & Ioane Muni Toke & Marco Patriarca & Frédéric Abergel, 2011. "Econophysics: agent-based models," Post-Print hal-00621059, HAL.

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