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Inequality measures in kinetic exchange models of wealth distributions

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  • Asim Ghosh
  • Arnab Chatterjee
  • Jun-ichi Inoue
  • Bikas K. Chakrabarti

Abstract

In this paper, we study the inequality indices for some models of wealth exchange. We calculated Gini index and newly introduced k-index and compare the results with reported empirical data available for different countries. We have found lower and upper bounds for the indices and discuss the efficiencies of the models. Some exact analytical calculations are given for a few cases. We also exactly compute the quantities for Gamma and double Gamma distributions.

Suggested Citation

  • Asim Ghosh & Arnab Chatterjee & Jun-ichi Inoue & Bikas K. Chakrabarti, 2015. "Inequality measures in kinetic exchange models of wealth distributions," Papers 1509.02711, arXiv.org, revised Feb 2016.
    • Handle: RePEc:arx:papers:1509.02711
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    Cited by:

    1. Chatterjee, Arnab & Ghosh, Asim & Chakrabarti, Bikas K., 2017. "Socio-economic inequality: Relationship between Gini and Kolkata indices," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 466(C), pages 583-595.
    2. Ruz, Soumendra Nath, 2023. "Amazing aspects of inequality indices (Gini and Kolkata Index) of COVID-19 confirmed cases in India," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 632(P2).
    3. D. S. Quevedo & C. J. Quimbay, 2019. "Piketty's second fundamental law of capitalism as an emergent property in a kinetic wealth-exchange model of economic growth," Papers 1903.00952, arXiv.org, revised Mar 2019.
    4. Aydiner, Ekrem & Cherstvy, Andrey G. & Metzler, Ralf, 2018. "Wealth distribution, Pareto law, and stretched exponential decay of money: Computer simulations analysis of agent-based models," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 490(C), pages 278-288.
    5. Hunter A. Vallejos & James J. Nutaro & Kalyan S. Perumalla, 2018. "An agent-based model of the observed distribution of wealth in the United States," Journal of Economic Interaction and Coordination, Springer;Society for Economic Science with Heterogeneous Interacting Agents, vol. 13(3), pages 641-656, October.
    6. Ghosh, Asim & Chakrabarti, Bikas K., 2021. "Limiting value of the Kolkata index for social inequality and a possible social constant," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 573(C).
    7. Wang, Lingling & Lai, Shaoyong & Sun, Rongmei, 2022. "Optimal control about multi-agent wealth exchange and decision-making competence," Applied Mathematics and Computation, Elsevier, vol. 417(C).
    8. G. Dimarco & L. Pareschi & G. Toscani & M. Zanella, 2020. "Wealth distribution under the spread of infectious diseases," Papers 2004.13620, arXiv.org.

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