Wealth distribution and the Lorenz curve: a finitary approach
Tóm tắt
We use three stochastic games for the wealth of economic agents which may be at work in a real economy and we derive their statistical equilibrium distributions. Based on a heuristic argument, we assume that the expected observed wealth distribution is a mixture of these three distributions. We compare the Lorenz curves obtained from this conjecture with the empirical curves for a set of countries.
Tài liệu tham khảo
Aoki M (1996) New approaches to macroeconomic modeling: evolutionary stochastic dynamics, multiple equilibria, and externalities as field effects. Cambridge University Press, Cambridge, UK
Aoki M (2004) Modeling aggregate behavior and fluctuations in economics: stochastic views of interacting agents. Cambridge University Press, Cambridge, UK
Aoki M, Yoshikawa H (2011) Reconstructing macroeconomics: a perspective from statistical physics and combinatorial stochastic processes. Cambridge University Press, Cambridge, UK
Box GEP (1953) Non-normality and tests on variances. Biometrika 40(3/4):318–335
Davies JB, Sandström S, Shorrocks A, Wolff EN (eds) (2009) Personal wealth from a global perspective (wider studies in development economics). Oxford University Press, Oxford, UK
Garibaldi U, Costantini D, Donadio S, Viarengo P (2006) Herding and clustering in economics: the Yule-Zipf-Simon model. Comput Econ 27(1):115–134
Garibaldi U, Scalas E, Viarengo P (2007) Statistical equilibrium in simple exchange games II—the redistribution game. Eur Phys J B 60:241–246
Garibaldi U, Scalas E (2010) Finitary probabilistic methods in econophysics. Cambridge University Press, Cambridge, UK
Garibaldi U, Radivojević T, Scalas E (2013) Interplay of simple stochastic games as models for the economy. In: Proceedings of applications of mathematics 2013, Institute of Mathematics, Academy of Sciences of the Czech Republic, Prague, p 77–87
Helene O (2010) Fitting Lorenz curves. Econ Lett 108:153–155
Kakwani NC, Podder N (1976) Efficient estimation of the Lorenz curve and associated inequality measures from grouped observations. Econometrica 44(1):137–148
Lorenz MO (1905) Methods of measuring the concentration of wealth. Publ Am Stat Assoc 9(70):209–219
Ogwang T, Gouranga Rao UL (2000) Hybrid models of the Lorenz curve. Econ Lett 69:39–44
Picketty T (2014) Capital in the XXI century. Harvard University Press, Cambridge, MA
Raberto M, Teglio A, Cincotti S (2012) Debt, deleveraging and business cycles: an agent-based perspective. Econ Open-Access Open-Assess E-J 6(27):1–49
Rhode N (2009) An alternative functional form for estimating the Lorenz curve. Econ Lett 105:61–63
Sarabia J-M, Castillo E, Slottje DJ (1999) An ordered family of Lorenz curves. J Econom 91:43–60
Scalas E, Garibaldi U, Donadio S (2006) Statistical equilibrium in simple exchange games I—methods of solution and applications to the Bennati-Dragulescu-Yakovenko (BDY) game. Eur Phys J B 53:267–272