Agent based models for wealth distribution with preference in interaction

Sanchari Goswami and Parongama Sen

Physica A: Statistical Mechanics and its Applications, 2014, vol. 415, issue C, 514-524

Abstract: We propose a set of conservative models in which agents exchange wealth with a preference in the choice of interacting agents in different ways. The common feature in all the models is that the temporary values of financial status of agents is a deciding factor for interaction. Other factors which may play important role are past interactions and wealth possessed by individuals. Wealth distribution, network properties and activity are the main quantities which have been studied. Evidence of phase transitions and other interesting features are presented. The results show that certain observations of the real economic system can be reproduced by the models.

Keywords: Pareto exponent; Kinetic theory; Preferential attachment; Network properties (search for similar items in EconPapers)
Date: 2014
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Citations: View citations in EconPapers (3)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:phsmap:v:415:y:2014:i:c:p:514-524

DOI: 10.1016/j.physa.2014.08.018

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