Simulating the wealth distribution with a Richest-Following strategy on scale-free network

Mao-Bin Hu, Rui Jiang, Qing-Song Wu and Yong-Hong Wu

Physica A: Statistical Mechanics and its Applications, 2007, vol. 381, issue C, 467-472

Abstract: In this paper, we investigate the wealth distribution with agents playing evolutionary games on a scale-free social network adopting the Richest-Following strategy. Pareto's power-law distribution (1897) of wealth is demonstrated with power factor in agreement with that of US or Japan. Moreover, the agent's personal wealth is proportional to its number of contacts (connectivity), and this leads to the phenomenon that the rich gets richer and the poor gets relatively poorer, which agrees with the Matthew Effect.

Keywords: Wealth distribution; Game theory; Scale-free network; Matthew Effect (search for similar items in EconPapers)
Date: 2007
References: View complete reference list from CitEc
Citations: View citations in EconPapers (16)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:phsmap:v:381:y:2007:i:c:p:467-472

DOI: 10.1016/j.physa.2007.03.021

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