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Yard-Sale exchange on networks: Wealth sharing and wealth appropriation

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  • R. Bustos-Guajardo
  • Cristian F. Moukarzel

Abstract

Yard-Sale (YS) is a stochastic multiplicative wealth-exchange model with two phases: a stable one where wealth is shared, and an unstable one where wealth condenses onto one agent. YS is here studied numerically on 1d rings, 2d square lattices, and random graphs with variable average coordination, comparing its properties with those in mean field (MF). Equilibrium properties in the stable phase are almost unaffected by the introduction of a network. Measurement of decorrelation times in the stable phase allow us to determine the critical interface with very good precision, and it turns out to be the same, for all networks analyzed, as the one that can be analytically derived in MF. In the unstable phase, on the other hand, dynamical as well as asymptotic properties are strongly network-dependent. Wealth no longer condenses on a single agent, as in MF, but onto an extensive set of agents, the properties of which depend on the network. Connections with previous studies of coalescence of immobile reactants are discussed, and their analytic predictions are successfully compared with our numerical results.

Suggested Citation

  • R. Bustos-Guajardo & Cristian F. Moukarzel, 2012. "Yard-Sale exchange on networks: Wealth sharing and wealth appropriation," Papers 1208.4409, arXiv.org.
  • Handle: RePEc:arx:papers:1208.4409
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