Wealth redistribution with finite resources

S. Pianegonda, J. R. Iglesias, G. Abramson and J. L. Vega

Papers from arXiv.org

Abstract: We present a simplified model for the exploitation of finite resources by interacting agents, where each agent receives a random fraction of the available resources. An extremal dynamics ensures that the poorest agent has a chance to change its economic welfare. After a long transient, the system self-organizes into a critical state that maximizes the average performance of each participant. Our model exhibits a new kind of wealth condensation, where very few extremely rich agents are stable in time and the rest stays in the middle class.

Date: 2001-09
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Published in Physica A, 322, 667-675 (2003)

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Persistent link: https://EconPapers.repec.org/RePEc:arx:papers:nlin/0109015

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