Statistical equilibrium in simple exchange games II. The redistribution game

By U. Garibaldi, Enrico Scalas, P. Viarengo. 2007

50 citations recorded by the source corpus.

Abstract.We propose a simple stochastic exchange game mimicking taxation and redistribution. There are g agents and n coins; taxation is modeled by randomly extracting some coins; then, these coins are redistributed to agents following Polya's scheme. The individual wealth equilibrium distribution for the resulting Markov chain is the multivariate symmetric Polya distribution. In the continuum limit, the wealth distribution converges to a Gamma distribution, whose form factor is just the initial redistribution weight. The relationship between this taxation-and-redistribution scheme and other simple conservative stochastic exchange games (such as the BDY game) is discussed.

Subfields: Condensed Matter Physics, Economics and Econometrics, Mathematical Physics

View Paper: https://www.semanticscholar.org/paper/924843e780db457d86c24ec7725bd17265c3da7f

How researchers see this paper

The researchers whose trusted networks rank it highest, strongest advocate first. Every researcher gets a different order.

In Condensed Matter Physics

1. Giuseppe Toscani
2. J. Barkley Rosser Jr.
3. Victor M. Yakovenko

In Economics and Econometrics

1. Giuseppe Toscani
2. J. Barkley Rosser Jr.
3. A. Pulvirenti
4. G. Furioli
5. E. Terraneo
6. Victor M. Yakovenko
7. Anand Banerjee
8. Daniel Matthes

In Mathematical Physics

1. Giuseppe Toscani
2. E. Terraneo
3. Cédric Villani

Citations in the corpus

• Econophysics review: II. Agent-based models (2011, unknown): “…and Yakovenko 2000, Ferrero 2004), the Boltzmann equation approach (Dragulescu and Yakovenko 2000, Slanina 2004, Cordier et al. 2005, Repetowicz et al. 2005, Düring and Toscani 2007, Matthes and Toscani 2007, Düring et al. 2008), or Markov chains (Scalas et al. 2006, 2007, Garibaldi et al. 2007).”
• Econophysics: Empirical facts and agent-based models (2009, unknown): “…Ferrero (2004)), the Boltzmann equation approach (Dragulescu and Yakovenko (2000); Slanina (2004); Repetowicz et al. (2005); Cordier et al. (2005); Matthes and Toscani (2007); Düring and Toscani (2007); Düring et al. (2008)), or Markov chains (Scalas et al. (2006, 2007); Garibaldi et al. (2007)).”
• Fokker–Planck equations in the modeling of socio-economic phenomena (2017, background): “Starting from the original idea developed by Angle,(3,4) a variety of both discrete and continuous models for wealth distribution has been proposed and studied in view of the relation between parameters in the microscopic rules and the resulting macroscopic statistics.(30,36,42,56,89) Likewise, the ”
• Colloquium: Statistical mechanics of money, wealth, and income (2009, background): “…with the long-standing line of research in economics studying inequality in a society.3 Many papers in the economic literature (Champernowne, 1953; Gibrat, 1931; Kalecki, 1945) use a stochastic process to describe dynamics of individual wealth or income and to derive their probability…”