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Wealth redistribution in our small world

Author

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  • Iglesias, J.R.
  • Gonçalves, S.
  • Pianegonda, S.
  • Vega, J.L.
  • Abramson, G.

Abstract

We present a simplified model for the exploitation of resources by interacting agents, in an economy with small-world properties. It is shown that Gaussian distributions of wealth, with some cutoff at a poverty line are present for all values of the parameters, while the frequency of maxima and minima strongly depends on the connectivity and the disorder of the lattice. Finally, we compare a system where the commercial links are frozen with an economy where agents can choose their commercial partners at each time step.

Suggested Citation

  • Iglesias, J.R. & Gonçalves, S. & Pianegonda, S. & Vega, J.L. & Abramson, G., 2003. "Wealth redistribution in our small world," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 327(1), pages 12-17.
  • Handle: RePEc:eee:phsmap:v:327:y:2003:i:1:p:12-17
    DOI: 10.1016/S0378-4371(03)00430-8
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    Citations

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    Cited by:

    1. Braun, Dieter, 2006. "Nonequilibrium thermodynamics of wealth condensation," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 369(2), pages 714-722.
    2. Fuentes, Miguel A. & Kuperman, M. & Iglesias, J.R., 2006. "Living in an irrational society: Wealth distribution with correlations between risk and expected profits," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 371(1), pages 112-117.
    3. J. R. Iglesias & R. M. C. de Almeida, 2011. "Entropy and equilibrium state of free market models," Papers 1108.5725, arXiv.org.
    4. Sebastian D. Guala, 2008. "Taxes in a simple wealth distribution model by inelastically scattering particles," Papers 0807.4484, arXiv.org.
    5. Ausloos, Marcel & Pe¸kalski, Andrzej, 2007. "Model of wealth and goods dynamics in a closed market," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 373(C), pages 560-568.

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