A simple probabilistic approach of the Yard-Sale model

Christophe Chorro

Statistics & Probability Letters, 2016, vol. 112, issue C, 35-40

Abstract: We propose in the present paper a probabilistic approach of the so-called Hayes (2002) Yard-Sale model using classical diffusion approximations of Markov chains. We partly recover, at the very least for small and high frequency transactions, recent results of Boghosian (2014a) and Boghosian et al. (2015) concerning both wealth condensation in the absence of redistribution mechanisms and steady state distributions when a uniform capital taxation is imposed.

Keywords: Wealth distribution; Yard-Sale model; Diffusion approximations; Impact of taxation (search for similar items in EconPapers)
Date: 2016
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Citations: View citations in EconPapers (7)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:stapro:v:112:y:2016:i:c:p:35-40

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DOI: 10.1016/j.spl.2016.01.012

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