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Stability of Pareto-Zipf Law in Non-Stationary Economies

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  • Sorin Solomon and Peter Richmond

Abstract

Generalized Lotka-Volterra (GLV) models extending the (70 year old) logistic equation to stochastic systems consisting of a multitude of competing auto-catalytic components lead to power distribution laws of the (100 year old) Pareto-Zipf type. In particular, when applied to economic systems, GLV leads to power laws in the relative individual wealth distribution and in the market returns. These power laws and their exponent a are invariant to arbitrary variations in the total wealth of the system and to other endogenous and exogenous factors. The measured value of the exponent a = 1.4 is related to built-in human social and biological constraints.

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Bibliographic Info

Paper provided by Society for Computational Economics in its series Computing in Economics and Finance 2001 with number 11.

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Date of creation: 01 Apr 2001
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Handle: RePEc:sce:scecf1:11

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Keywords: Logistic Equation; Stochastic Multiplicative dynamics; Pareto power laws;

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Cited by:
  1. G. Yaari & D. Stauffer & S. Solomon, 2008. "Intermittency and Localization," Quantitative Finance Papers 0802.3541, arXiv.org, revised Mar 2008.
  2. Emeterio Navarro & Ruben Cantero & Joao Rodrigues & Frank Schweitzer, 2007. "Investments in Random Environments," Quantitative Finance Papers 0709.3630, arXiv.org, revised Sep 2008.

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