Wealth condensation and "corruption" in a toy model

D. Johnston; Z. Burda; J. Jurkiewicz; M. Kamiński; M. A. Nowak; G. Papp; I. Zahed

Wealth condensation and "corruption" in a toy model

D. Johnston
, Z. Burda
, J. Jurkiewicz
, M. Kamiński
, M. A. Nowak
, G. Papp
, I. Zahed

Physics and Astronomy

Heriot-Watt University
Jagiellonian University in Kraków
Eötvös Loránd University

Research output: Contribution to journal › Conference article › peer-review

1 Scopus citations

Abstract

We discuss the wealth condensation mechanism in a simple toy economy in which individual agent's wealths are distributed according to a Pareto power law and the overall wealth is fixed. The observed behaviour is the manifestation of a transition which occurs in Zero Range Processes (ZRPs) or "balls in boxes" models. An amusing feature of the transition in this context is that the condensation can be induced by increasing the exponent in the power law, which one might have naively assumed penalised greater wealths more.

Original language	English
Pages (from-to)	2709-2717
Number of pages	9
Journal	Acta Physica Polonica B
Volume	36
Issue number	9
State	Published - Sep 2005
Event	Conference on Applications of Random Matrices to Economy and Other Complex Systems - Cracow, Poland Duration: May 25 2005 → May 28 2005

Cite this

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abstract = "We discuss the wealth condensation mechanism in a simple toy economy in which individual agent's wealths are distributed according to a Pareto power law and the overall wealth is fixed. The observed behaviour is the manifestation of a transition which occurs in Zero Range Processes (ZRPs) or {"}balls in boxes{"} models. An amusing feature of the transition in this context is that the condensation can be induced by increasing the exponent in the power law, which one might have naively assumed penalised greater wealths more.",

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T1 - Wealth condensation and "corruption" in a toy model

AU - Johnston, D.

AU - Burda, Z.

AU - Jurkiewicz, J.

AU - Kamiński, M.

AU - Nowak, M. A.

AU - Papp, G.

AU - Zahed, I.

PY - 2005/9

Y1 - 2005/9

N2 - We discuss the wealth condensation mechanism in a simple toy economy in which individual agent's wealths are distributed according to a Pareto power law and the overall wealth is fixed. The observed behaviour is the manifestation of a transition which occurs in Zero Range Processes (ZRPs) or "balls in boxes" models. An amusing feature of the transition in this context is that the condensation can be induced by increasing the exponent in the power law, which one might have naively assumed penalised greater wealths more.

AB - We discuss the wealth condensation mechanism in a simple toy economy in which individual agent's wealths are distributed according to a Pareto power law and the overall wealth is fixed. The observed behaviour is the manifestation of a transition which occurs in Zero Range Processes (ZRPs) or "balls in boxes" models. An amusing feature of the transition in this context is that the condensation can be induced by increasing the exponent in the power law, which one might have naively assumed penalised greater wealths more.

UR - https://www.scopus.com/pages/publications/33645003337

M3 - Conference article

AN - SCOPUS:33645003337

SN - 0587-4254

VL - 36

SP - 2709

EP - 2717

JO - Acta Physica Polonica B

JF - Acta Physica Polonica B

IS - 9

T2 - Conference on Applications of Random Matrices to Economy and Other Complex Systems

Y2 - 25 May 2005 through 28 May 2005

ER -

Wealth condensation and "corruption" in a toy model

Abstract

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