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Social inequality is a topic of interest since ages, and has attracted researchers across disciplines to ponder over it origin, manifestation, characteristics, consequences, and finally, the question of how to cope with it. It is manifested…
Price of anarchy quantifies the degradation of social welfare in games due to the lack of a centralized authority that can enforce the optimal outcome. At its antipodes, mechanism design studies how to ameliorate these effects by…
The aim of this work is to establish the personal income distribution from the elementary constituents of a free market; products of a representative good and agents forming the economic network. The economy is treated as a self-organized…
A brief overview of the models and data analyses of income, wealth, consumption distributions by the physicists, are presented here. It has been found empirically that the distributions of income and wealth possess fairly robust features,…
In this paper, we propose two new flexible Gini indices (extended lower and upper) defined via differences between the $i$-th observation, the smallest order statistic, and the largest order statistic, for any $1 \leqslant i \leqslant m$.…
We investigate a model of stratified economic interactions between agents when the notion of spatial location is introduced. The agents are placed on a network with near-neighbor connections. Interactions between neighbors can occur only if…
Transactions are an important aspect of human social life, and represent dynamic flow of information, intangible values, such as trust, as well as monetary and social capital. Although much research has been conducted on the nature of…
PageRank is a widely used algorithm for ranking webpages and plays a significant role in determining web traffic. This study employs the Gini coefficient, a measure of income/wealth inequality, to assess the inequality in PageRank…
Income inequality and redistribution policies are modeled with a minimal, endogenous model of a simple foraging economy. Significant income inequalities emerge from the model for populations of equally capable individuals presented with…
An equation for the evolution of the distribution of wealth in a population of economic agents making binary transactions with a constant total amount of "money" has recently been proposed by one of us (RLR). This equation takes the form of…
Behavioural economists have shown that people are often averse to inequality and will make choices to avoid unequal outcomes. In this paper, we consider how to allocate indivisible goods fairly so as to minimize inequality. We consider how…
Polynomial distribution can be applied to dynamical systems in certain situations. Macroeconomic systems characterized by economic variables such as income and wealth can be modelled similarly using polynomials. We extend our previous work…
We investigate the effect of applying nonlinear redistributive taxes to the yard-sale dynamics of assets. An amount of money is collected from each individual (tax) and distributed back equally. We consider (i) a piecewise linear tax,…
The paper provides a survey of results related to the "$\kappa$-generalized distribution", a statistical model for the size distribution of income and wealth. Topics include, among others, discussion of basic analytical properties,…
We derive the most probable distribution of resources for a simple society. We find that a probabilistic analysis forbids both too much and too less equity, and selects instead a minimally ordered state. We give the detailed calculations…
The aim of this paper is to establish the asymptotic behavior of the mutual influence of the Gini index and the poverty measures by using the Gaussian fields described in Mergane and Lo(2013). The results are given as representation…
Given the wealth inequality worldwide, there is an urgent need to identify the mode of wealth exchange through which it arises. To address the research gap regarding models that combine equivalent exchange and redistribution, this study…
Given a vast concern about high income inequality in Thailand as opposed to empirical findings around the world showing people's preference for fair income inequality over unfair income equality, it is therefore important to examine whether…
Social inequalities are ubiquitous and evolve towards a universal limit. Herein, we extensively review the values of inequality measures, namely the Gini ($g$) index and the Kolkata ($k$) index, two standard measures of inequality used in…
Envy is a rather complex and irrational emotion. In general, it is very difficult to obtain a measure of this feeling, but in an economical context envy becomes an observable which can be measured. When various individuals compare their…