On Pareto theory of circulation of elites

Ricardo P\'erez-Marco

Papers from arXiv.org

Abstract: We prove that Pareto theory of circulation of elites results from our wealth evolution model, Kelly criterion for optimal betting and Keynes' observation of "animal spirits" that drive the economy and cause that human financial decisions are prone to excess risk-taking.

Date: 2014-12
New Economics Papers: this item is included in nep-hpe
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