Wealth rheology

Zdzislaw Burda, Malgorzata J. Krawczyk, Krzysztof Malarz and Malgorzata Snarska
Additional contact information
Zdzislaw Burda: AGH University of Science and Technology, Faculty of Physics and Applied Computer Science
Malgorzata J. Krawczyk: AGH University of Science and Technology, Faculty of Physics and Applied Computer Science
Krzysztof Malarz: AGH University of Science and Technology, Faculty of Physics and Applied Computer Science
Malgorzata Snarska: Cracow University of Economics, Department of Financial Markets

Papers from arXiv.org

Abstract: We study wealth rank correlations in a simple model of macro-economy. To quantify rank correlations between wealth rankings at different times, we use Kendall's $\tau$ and Spearman's $\rho$, Goodman--Kruskal's $\gamma$, and the lists' overlap ratio. We show that the dynamics of wealth flow and the speed of reshuffling in the ranking list depend on parameters of the model controlling the wealth exchange rate and the wealth growth volatility. As an example of the rheology of wealth in real data, we analyze the lists of the richest people in Poland, Germany, the USA and the world.

Date: 2021-05, Revised 2021-06
References: View references in EconPapers View complete reference list from CitEc
Citations:

Published in Entropy 23(7), 842 (2021)

Downloads: (external link)
http://arxiv.org/pdf/2105.08048 Latest version (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:arx:papers:2105.08048

Access Statistics for this paper

More papers in Papers from arXiv.org
Bibliographic data for series maintained by arXiv administrators (help@arxiv.org).