TY  - JOUR
A1  - Aydiner, Ekrem
A1  - Cherstvy, Andrey G.
A1  - Metzler, Ralf
T1  - Wealth distribution, Pareto law, and stretched exponential decay of money
BT  - Computer simulations analysis of agent-based models
JF  - Physica : europhysics journal ; A, Statistical mechanics and its applications
N2  - We study by Monte Carlo simulations a kinetic exchange trading model for both fixed and distributed saving propensities of the agents and rationalize the person and wealth distributions. We show that the newly introduced wealth distribution – that may be more amenable in certain situations – features a different power-law exponent, particularly for distributed saving propensities of the agents. For open agent-based systems, we analyze the person and wealth distributions and find that the presence of trap agents alters their amplitude, leaving however the scaling exponents nearly unaffected. For an open system, we show that the total wealth – for different trap agent densities and saving propensities of the agents – decreases in time according to the classical Kohlrausch–Williams–Watts stretched exponential law. Interestingly, this decay does not depend on the trap agent density, but rather on saving propensities. The system relaxation for fixed and distributed saving schemes are found to be different.
KW  - Econophysics
KW  - Wealth and income distribution
KW  - Pareto law
KW  - Scaling exponents
Y1  - 2017
U6  - https://doi.org/10.1016/j.physa.2017.08.017
SN  - 0378-4371
SN  - 1873-2119
VL  - 490
SP  - 278
EP  - 288
PB  - Elsevier
CY  - Amsterdam
ER  - 
TY  - JOUR
A1  - Aydiner, Ekrem
A1  - Cherstvy, Andrey G.
A1  - Metzler, Ralf
T1  - Money distribution in agent-based models with position-exchange dynamics
BT  - the Pareto paradigm revisited
JF  - The European physical journal : B, Condensed matter and complex systems
N2  - Wealth and income distributions are known to feature country-specific Pareto exponents for their long power-law tails. To propose a rationale for this, we introduce an agent-based dynamic model and use Monte Carlo simulations to unveil the wealth distributions in closed and open economical systems. The standard money-exchange scenario is supplemented with the position-exchange agent dynamics that vitally affects the Pareto law. Specifically, in closed systems with position-exchange dynamics the power law changes to an exponential shape, while for open systems with traps the Pareto law remains valid.
KW  - Statistical and Nonlinear Physics
Y1  - 2019
U6  - https://doi.org/10.1140/epjb/e2019-90674-0
SN  - 1434-6028
SN  - 1434-6036
VL  - 92
IS  - 5
PB  - Springer
CY  - New York
ER  -