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Influence of saving propensity on the power law tail of wealth distribution

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  • Marco Patriarca
  • Anirban Chakraborti
  • Guido Germano

Abstract

Some general features of kinetic multi-agent models are reviewed, with particular attention to the relation between the agent saving propensities and the form of the equilibrium wealth distribution. The effect of a finite cutoff of the saving propensity distribution on the corresponding wealth distribution is studied. Various results about kinetic multi-agent models are collected and used to construct a realistic wealth distribution with zero limit for small values of wealth, an exponential form at intermediate and a power law tail at larger values of wealth.

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File URL: http://arxiv.org/pdf/physics/0506028
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Bibliographic Info

Paper provided by arXiv.org in its series Papers with number physics/0506028.

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Date of creation: Jun 2005
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Publication status: Published in Physica A 369 (2), 723-736, 2006
Handle: RePEc:arx:papers:physics/0506028

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Web page: http://arxiv.org/

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Cited by:
  1. Anirban Chakraborti & Ioane Muni Toke & Marco Patriarca & Frédéric Abergel, 2011. "Econophysics: agent-based models," Post-Print, HAL hal-00621059, HAL.
  2. Jan Lorenz & Fabian Paetzel & Frank Schweitzer, 2012. "Redistribution spurs growth by using a portfolio effect on human capital," Papers 1210.3716, arXiv.org.
  3. Chakrabarti, Anindya S. & Chakrabarti, Bikas K., 2010. "Statistical theories of income and wealth distribution," Economics - The Open-Access, Open-Assessment E-Journal, Kiel Institute for the World Economy, vol. 4(4), pages 1-31.
  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. Bertram Düring & Daniel Matthes & Giuseppe Toscani, 2008. "A Boltzmann-type Approach to the Formation of Wealth Distribution Curves," CoFE Discussion Paper, Center of Finance and Econometrics, University of Konstanz 08-05, Center of Finance and Econometrics, University of Konstanz.

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