The affine wealth model: an agent-based model of asset exchange that allows for negative-wealth agents and its empirical validation

DOI10.1016/J.PHYSA.2018.10.042MaRDI QIDQ2156124zbMATH OpenOpenAlexWikidataFDO

Authors Jie Li, Bruce M. Boghosian, Chengli Li

Publication date 15 July 2022

Published in Physica A (Search for Journal in Brave)

Full work available at URL https://arxiv.org/abs/1604.02370, https://econpapers.repec.org/RePEc:arx:papers:1604.02370

zbMATH Keywords

dualityLorenz curvephase transitionsasset exchange modelGini coefficientyard-sale modelphase coexistencewealth inequalitywealth condensationaffine wealth modelextended yard-sale modelwealth-attained advantage

Mathematics Subject Classification ID

Statistical mechanics, structure of matter (82-XX)

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Cites work

• A nonstandard description of wealth concentration in large-scale economies
• An H theorem for Boltzmann's equation for the yard-sale model of asset exchange. The Gini coefficient as an H functional
• Duality in an asset exchange model for wealth distribution
• Oligarchy as a phase transition: the effect of wealth-attained advantage in a Fokker-Planck description of asset exchange

Cited in

(8)

• Wealth distribution evolution in an agent-based computational economy
• Inequality, a scourge of the XXI century
• Nonlinear redistribution of wealth from a stochastic approach
• The lattice Fokker-Planck equation for models of wealth distribution
• A kinetic description of individual wealth growth and control
• Bounding the approach to oligarchy in a variant of the yard-sale model
• The nonuniversality of wealth distribution tails near wealth condensation criticality
• Wealth concentration in systems with unbiased binary exchanges

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