Wealth distribution and the Lorenz curve: a finitary approach

We use three stochastic games for the wealth of economic agents which may be at work in a real economy and we derive their statistical equilibrium distributions. Based on a heuristic argument, we assume that the expected observed wealth distribution is a mixture of these three distributions. We compare the Lorenz curves obtained from this conjecture with the empirical curves for a set of countries. Copyright Springer-Verlag Berlin Heidelberg 2015

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Year of publication:	2015
Authors:	Scalas, Enrico ; Radivojević, Tijana ; Garibaldi, Ubaldo
Published in:	Journal of Economic Interaction and Coordination. - Springer, ISSN 1860-711X. - Vol. 10.2015, 1, p. 79-89
Publisher:	Springer
Subject:	Wealth distribution \| Lorenz curve \| Markov chains \| Probabilistic methods

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Type of publication:	Article
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10011241406