Related papers: Homophilic Effects on Economic Inequality: A Dynam…
In recent years, social media has become a ubiquitous and integral part of social networking. One of the major attentions made by social researchers is the tendency of like-minded people to interact with one another in social groups, a…
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…
We investigate the long-time properties of a dynamic, out-of-equilibrium network of individuals holding one of two opinions in a population consisting of two communities of different sizes. Here, while the agents' opinions are fixed, they…
The dynamics of many socioeconomic systems is determined by the decision making process of agents. The decision process depends on agent's characteristics, such as preferences, risk aversion, behavioral biases, etc.. In addition, in some…
In this work we study the individual strategies carried out by agents undergoing transactions in wealth exchange models. We analyze the role of risk propensity in the behavior of the agents and find a critical risk, such that agents with…
We present a stylized model with feedback loops for the evolution of a population's wealth over generations. Individuals have both talent and wealth: talent is a random variable distributed identically for everyone, but wealth is a random…
In capitalist societies, only a single right can be fully exerted without constraints of any kind: the limitless accumulation of wealth. Such imperative or prime axiom is the ultimate cause of the raising waves of inequalities observed…
Homophily, the tendency of individuals who are alike to form ties with one another, is an important concept in the study of social networks. Yet accounting for homophily effects is complicated in the context of bipartite networks where ties…
This study investigates the emergence of power-law and other concentrated distributions through a feedback loop model in crowd interactions. Agents act by their response functions to observations and external forces, while observations…
In this short paper, we define the investment ability of data investors in the data economy and its heterogeneity. We further construct an analytical heterogeneous agent model to demonstrate that differences in data investment ability lead…
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…
Segregation is a growing concern around the world. One of its main manifestations is the creation of ghettos, whose inhabitants have difficult access to well-paid jobs, which are often located far from their homes. In order to study this…
Physical contacts do not occur randomly, rather, individuals with similar socio-demographic and behavioural characteristics are more likely to interact among them, a phenomenon known as homophily. Concurrently, the same characteristics…
We discuss the equivalence between kinetic wealth-exchange models, in which agents exchange wealth during trades, and mechanical models of particles, exchanging energy during collisions. The universality of the underlying dynamics is shown…
A dynamical model of capital exchange is introduced in which a specified amount of capital is exchanged between two individuals when they meet. The resulting time dependent wealth distributions are determined for a variety of exchange…
We study the model of interacting agents proposed by Chatterjee et al that allows agents to both save and exchange wealth. Closed equations for the wealth distribution are developed using a mean field approximation. We show that when all…
If wealthier people have advantages in having higher returns than poor, inequality will unequivocally increase, but is equal opportunity enough to prevent it? According to several models in economics and econophysics, no. They all display…
The impact of rising consumption on wealth inequality remains an open question. Here we revisit and extend the Social Architecture of Capitalism agent-based model proposed by Ian Wright, which reproduces stylized facts of wealth and income…
Axelrod's model for the dissemination of culture combines two key ingredients of social dynamics: social influence, through which people become more similar when they interact, and homophily, which is the tendency of individuals to interact…
An existing model of opinion dynamics on an adaptive social network is extended to introduce update policy heterogeneity, representing the fact that individual differences between social animals can affect their tendency to form, and be…