Wealth concentration in systems with unbiased binary exchanges

Ben-Hur Francisco Cardoso, José Roberto Iglesias and Sebastián Gonçalves

Physica A: Statistical Mechanics and its Applications, 2021, vol. 579, issue C

Abstract: To describe the wealth distribution evolution, several models consider an ensemble of interacting economic agents that exchange wealth in a binary fashion. Intriguingly, models that consider an unbiased market, i.e., giving each agent the same chances to win, are always out of equilibrium until they attain the perfect inequality at the final state. Here, we present a rigorous analytical demonstration that any system driven by unbiased binary exchanges is doomed to reach perfect inequality and zero mobility.

Keywords: Wealth Concentration; Condensation; Master equation; Unbiased exchanges (search for similar items in EconPapers)
Date: 2021
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Citations: View citations in EconPapers (3)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:phsmap:v:579:y:2021:i:c:s0378437121003964

DOI: 10.1016/j.physa.2021.126123

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