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Wealth redistribution with finite resources

Authors
  • Pianegonda, S.
  • Iglesias, J. R.
  • Abramson, G.
  • Vega, J. L.
Type
Published Article
Publication Date
Sep 14, 2001
Submission Date
Sep 14, 2001
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.

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