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On Pareto theory of circulation of elites

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  • Ricardo P'erez-Marco

Abstract

We prove that Pareto theory of circulation of elites results from our wealth evolution model, Kelly criterion for optimal betting and Keynes' observation of "animal spirits" that drive the economy and cause that human financial decisions are prone to excess risk-taking.

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  • Ricardo P'erez-Marco, 2014. "On Pareto theory of circulation of elites," Papers 1412.4695, arXiv.org.
    • Handle: RePEc:arx:papers:1412.4695
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