Agent based models for wealth distribution with preference in interaction

Authored by Sanchari Goswami, Parongama Sen

Date Published: 2014-12-01

DOI: 10.1016/j.physa.2014.08.018

Sponsors: CSIR

Platforms: No platforms listed

Model Documentation: Other Narrative Mathematical description

Model Code URLs: Model code not found

Abstract

We propose a set of conservative models in which agents exchange wealth with a preference in the choice of interacting agents in different ways. The common feature in all the models is that the temporary values of financial status of agents is a deciding factor for interaction. Other factors which may play important role are past interactions and wealth possessed by individuals. Wealth distribution, network properties and activity are the main quantities which have been studied. Evidence of phase transitions and other interesting features are presented. The results show that certain observations of the real economic system can be reproduced by the models. (C) 2014 Elsevier B.V. All rights reserved.

Tags

Preferential attachment Network Properties Kinetic theory Pareto exponent