Wealth distribution and the Lorenz curve: a finitary approach

Enrico Scalas, Tijana Radivojević () and Ubaldo Garibaldi ()

Journal of Economic Interaction and Coordination, 2015, vol. 10, issue 1, 79-89

Abstract: We use three stochastic games for the wealth of economic agents which may be at work in a real economy and we derive their statistical equilibrium distributions. Based on a heuristic argument, we assume that the expected observed wealth distribution is a mixture of these three distributions. We compare the Lorenz curves obtained from this conjecture with the empirical curves for a set of countries. Copyright Springer-Verlag Berlin Heidelberg 2015

Keywords: Wealth distribution; Lorenz curve; Markov chains; Probabilistic methods; C80; D31 (search for similar items in EconPapers)
Date: 2015
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DOI: 10.1007/s11403-014-0136-2

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