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Agent based models for wealth distribution with preference in interaction

Author

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  • Goswami, Sanchari
  • Sen, Parongama

Abstract

We propose a set of conservative models in which agents exchange wealth with a preference in the choice of interacting agents in different ways. The common feature in all the models is that the temporary values of financial status of agents is a deciding factor for interaction. Other factors which may play important role are past interactions and wealth possessed by individuals. Wealth distribution, network properties and activity are the main quantities which have been studied. Evidence of phase transitions and other interesting features are presented. The results show that certain observations of the real economic system can be reproduced by the models.

Suggested Citation

  • Goswami, Sanchari & Sen, Parongama, 2014. "Agent based models for wealth distribution with preference in interaction," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 415(C), pages 514-524.
    • Handle: RePEc:eee:phsmap:v:415:y:2014:i:c:p:514-524
    DOI: 10.1016/j.physa.2014.08.018
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    1. Chakrabarti,Bikas K. & Chakraborti,Anirban & Chakravarty,Satya R. & Chatterjee,Arnab, 2013. "Econophysics of Income and Wealth Distributions," Cambridge Books, Cambridge University Press, number 9781107013445.
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    Cited by:

    1. Yang, Xiaoliang & Zhou, Peng, 2022. "Wealth inequality and social mobility: A simulation-based modelling approach," Journal of Economic Behavior & Organization, Elsevier, vol. 196(C), pages 307-329.

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