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The Growth of Oligarchy in a Yard-Sale Model of Asset Exchange: A Logistic Equation for Wealth Condensation

Bruce M. Boghosian, Adrian Devitt-Lee and Hongyan Wang

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Abstract: The addition of wealth-attained advantage (WAA) to the Yard-Sale Model (YSM) of asset exchange has been demonstrated to induce wealth condensation. In a model of WAA for which the bias is a continuous function of the wealth difference of the transacting agents, the condensation was shown to arise from a second-order phase transition to a coexistence regime. In this paper, we present the first analytic time-dependent results for this model, by showing that the condensed wealth obeys a logistic equation in time.

Date: 2016-08
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Published in Proceedings of the 1st International Conference on Complex Information Systems, ISBN 978-989-758-181-6, pages 187-193 (2016)

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