Related papers: Effect of segregation on inequality in kinetic mod…
Inequality and its consequences are the subject of intense recent debate. Using a simplified model of the economy, we address the relation between inequality and liquidity, the latter understood as the frequency of economic exchanges.…
We discuss several multi-agent models that have their origin in the kinetic exchange theory of statistical mechanics and have been recently applied to a variety of problems in the social sciences. This class of models can be easily adapted…
The lack of cooperation can easily result in inequality among members of a society, which provides an increasing gap between individual incomes. To tackle this issue, we introduce an incentive mechanism based on individual strategies and…
Various multi-agent models of wealth distributions defined by microscopic laws regulating the trades, with or without a saving criterion, are reviewed. We discuss and clarify the equilibrium properties of the model with constant global…
In the 70's Schelling introduced a multi-agent model to describe the segregation dynamics that may occur with individuals having only weak preferences for 'similar' neighbors. Recently variants of this model have been discussed, in…
We present a detailed numerical analysis of the modified version of a conservative self-organized extremal model introduced by Pianegonda et. al. for the distribution of wealth of the people in a society. Here the trading process has been…
We investigate the detailed dynamics of gains and losses made by agents in some kinetic models of wealth exchange. The concept of a walk in an abstract gain-loss space for the agents had been introduced in an earlier work. For models in…
We investigate the unbiased model for money exchanges with collective debt limit: agents give at random time a dollar to one another as long as they have at least one dollar or they can borrow a dollar from a central bank if the bank is not…
To gain insights into the problem of regional inequality, we proposed new regional asset exchange models based on existing kinetic income-exchange models in economic physics. We did this by setting the spatial exchange range and adding bias…
Understanding evacuation decision-making behaviour is one of the key components for designing disaster mitigation policies. This study investigates how communications between household agents in a community influence self-evacuation…
We study the effect of altruism in two simple asset exchange models: the yard sale model (winner gets a random fraction of the poorer player's wealth) and the theft and fraud model (winner gets a random fraction of the loser's wealth). We…
We study here numerically the behavior of an ideal gas like model of markets having only one non-consumable commodity. We investigate the behavior of the steady-state distributions of money, commodity and total wealth, as the dynamics of…
In this paper, we continue our analysis of spatial versions of agent-based models for the dynamics of money that have been introduced in the statistical physics literature, focusing on two models with debts. Both models consist of systems…
Inspired by Adam Smith and Friedrich Hayek, many economists have postulated the existence of invisible forces that drive economic markets. These market forces interact in complex ways making it difficult to visualize or understand the…
The emergence of cooperation in the groups of interacting agents is one of the most fascinating phenomena observed in many complex systems studied in social science and ecology, even in the situations where one would expect the agent to use…
We introduce an auto-regressive model which captures the growing nature of realistic markets. In our model agents do not trade with other agents, they interact indirectly only through a market. Change of their wealth depends, linearly on…
We introduce and discuss a nonlinear kinetic equation of Boltzmann type which describes the influence of knowledge in the evolution of wealth in a system of agents which interact through the binary trades introduced in Cordier, Pareschi,…
We consider a Schelling-like segregation model, in which the behavior of individual agents is determined by a mixed individual and global utility. With a high ratio of global utility being incorporated, the agents are cooperative in order…
Over the past decades, breakthroughs such as Reinforcement Learning (RL) and Agent-based modeling (ABM) have made simulations of economic models feasible. Recently, there has been increasing interest in applying ABM to study the impact of…
Economic inequality emerges from the interplay between regional growth-rate differences and the interaction network that couples regions. We propose a minimal income-dynamics model, where heterogeneity is governed by growth-rate…