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Persistent link: https://www.econbiz.de/10009280123
We propose a simple stochastic exchange game mimicking taxation and redistribution. There are g agents and n coins; taxation is modeled by randomly extracting some coins; then, these coins are redistributed to agents following Polya's scheme. The individual wealth equilibrium distribution for...
Persistent link: https://www.econbiz.de/10009280407
Simple stochastic exchange games are based on random allocation of finite resources. These games are Markov chains that can be studied either analytically or by Monte Carlo simulations. In particular, the equilibrium distribution can be derived either by direct diagonalization of the transition...
Persistent link: https://www.econbiz.de/10009280660
Anderson [Science <Emphasis Type="Bold">177, 293 (1972)] proposed the concept of complexity in order to describe the emergence and growth of macroscopic collective patterns out of the simple interactions of many microscopic agents. In the physical sciences this paradigm was implemented systematically and confirmed...</emphasis>
Persistent link: https://www.econbiz.de/10009280908
Statistical regularities at the top end of the wealth distribution in the United States are examined using the Forbes 400 lists of richest Americans, published between 1988 and 2003. It is found that the wealths are distributed according to a power-law (Pareto) distribution. This result is...
Persistent link: https://www.econbiz.de/10009282826