Affordable Access

deepdyve-link deepdyve-link
Publisher Website

Wealth redistribution with finite resources

Authors
Type
Published Article
Publication Date
Submission Date
Identifiers
DOI: 10.1016/S0378-4371(02)01737-5
arXiv ID: nlin/0109015
Source
arXiv
License
Unknown
External links

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.

Statistics

Seen <100 times