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The wealth exchange model based on agents with different strategies

Author

Listed:
  • Sun, Yang
  • Wang, Zhen
  • Zhang, Liang
  • He, Mingfeng

Abstract

This paper discusses the wealth distribution in a finite-sized closed economic system, where each agent may choose one amongst the four strategies: hawk, defect, cooperate and dove. When two agents encounter, exchange of the wealth is decided by the rules defined. The simulation results show that the equilibrium probability distribution of wealth will be single-peak, double-peak and non-peak distributions for different parameters. Under each condition, we analyze the wealth distribution of agents with every strategy. The results show that there are both the poor and the rich amongst the agents with hawk and defect strategies, which is randomly formed, and the wealth distribution of agents with cooperate strategy is more reasonable, while most of the agents with dove strategy become poor. Finally, the effect of the saving factor in the model is also discussed, and it is shown that lower saving of the agents is easier to result in wealth polarization, on the contrary, higher saving will ensure single-peak more easily.

Suggested Citation

  • Sun, Yang & Wang, Zhen & Zhang, Liang & He, Mingfeng, 2008. "The wealth exchange model based on agents with different strategies," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 387(5), pages 1311-1318.
    • Handle: RePEc:eee:phsmap:v:387:y:2008:i:5:p:1311-1318
    DOI: 10.1016/j.physa.2007.10.017
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