A Nonstandard Description of Wealth Concentration in Large-Scale Economies

DOI10.1137/17M1119627zbMath1386.91106OpenAlexW2794934329MaRDI QIDQ4609605

Bruce M. Boghosian, Adrian Devitt-Lee, Jie Li, Hong-Yan Wang

Publication date: 5 April 2018

Published in: SIAM Journal on Applied Mathematics (Search for Journal in Brave)

Full work available at URL: https://doi.org/10.1137/17m1119627

zbMATH Keywords

Fokker-Planck equationnonstandard analysisyard-sale modeleconophysicsoligarchywealth concentration

Mathematics Subject Classification ID

Applications of statistical and quantum mechanics to economics (econophysics) (91B80) Stochastic methods (Fokker-Planck, Langevin, etc.) applied to problems in time-dependent statistical mechanics (82C31) Fokker-Planck equations (35Q84)

Related Items (5)

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 ⋮ Kinetic models for optimal control of wealth inequalities ⋮ Global Density Analysis for an Off-Lattice Agent-Based Model ⋮ The Nonuniversality of Wealth Distribution Tails Near Wealth Condensation Criticality

Cites Work

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• An \(H\) theorem for Boltzmann's equation for the yard-sale model of asset exchange. The Gini coefficient as an \(H\) functional
• Oligarchy as a phase transition: the effect of wealth-attained advantage in a Fokker-Planck description of asset exchange
• Fokker-Planck Equation for an Inverse-Square Force

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