Oligarchy as a phase transition: The effect of wealth-attained advantage in a Fokker-Planck description of asset exchange.

Boghosian, Bruce M.

Devitt-Lee, Adrian.

Johnson, Merek G.

Marcq, Jeremy A.

Wang, Hongyan.

2016.

Description
  • The "Yard-Sale Model" of asset exchange is known to result in complete inequality—all of the wealth in the hands of a single agent. It is also known that, when this model is modified by introducing a simple model of redistribution based on the Ornstein-Uhlenbeck process, it admits a steady state exhibiting some features similar to the celebrated Pareto Law of wealth distribution. In the present wo... read more
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  • B. M. Boghosian, A. Devitt-Lee, M. Johnson, J. Li, J. A. Marcq, and H. Wang, "Oligarchy as a phase transition: The effect of wealth-attained advantage in a Fokker-Planck description of asset exchange," Physica A: Statistical Mechanics and its Applications, vol. 476, pp. 15-37, Jun. 2017. https://doi.org/10.1016/j.physa.2017.01.071.
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