Oligarchy as a phase transition: the effect of wealth-attained advantage in a Fokker-Planck description of asset exchange

DOI10.1016/J.PHYSA.2017.01.071zbMath1495.82023arXiv1511.00770OpenAlexW2963033437MaRDI QIDQ2145192

Jeremy A. Marcq, Adrian Devitt-Lee, Bruce M. Boghosian, Hong-Yan Wang, Merek Johnson, Jie Li

Publication date: 17 June 2022

Published in: Physica A (Search for Journal in Brave)

Full work available at URL: https://arxiv.org/abs/1511.00770

zbMATH Keywords

Fokker-Planck equationphase transitionsasset exchange modelyard-sale modelphase coexistencewealth condensation

Mathematics Subject Classification ID

Stochastic methods (Fokker-Planck, Langevin, etc.) applied to problems in time-dependent statistical mechanics (82C31) Dynamic and nonequilibrium phase transitions (general) in statistical mechanics (82C26) Fokker-Planck equations (35Q84)

Related Items (12)

Duality in an asset exchange model for wealth distribution ⋮ A kinetic description of individual wealth growth and control ⋮ The affine wealth model: an agent-based model of asset exchange that allows for negative-wealth agents and its empirical validation ⋮ Numerical solution of the Fokker-Planck equation using physics-based mixture models ⋮ Derivation of wealth distributions from biased exchange of money ⋮ Explicit decay rate for the Gini index in the repeated averaging model ⋮ A Nonstandard Description of Wealth Concentration in Large-Scale Economies ⋮ The lattice Fokker–Planck equation for models of wealth distribution ⋮ Investigations to the dynamics of wealth distribution in a kinetic exchange model ⋮ Wealth concentration in systems with unbiased binary exchanges ⋮ The Nonuniversality of Wealth Distribution Tails Near Wealth Condensation Criticality ⋮ Nonlinear redistribution of wealth from a stochastic approach

Cites Work

• Unnamed Item
• An \(H\) theorem for Boltzmann's equation for the yard-sale model of asset exchange. The Gini coefficient as an \(H\) functional
• Fokker-Planck Equation for an Inverse-Square Force
• Exponential and power-law probability distributions of wealth and income in the United Kingdom and the United States

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