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  -