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The Growth of Oligarchy in a Yard-Sale Model of Asset Exchange: A Logistic Equation for Wealth Condensation

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  • Bruce M. Boghosian
  • Adrian Devitt-Lee
  • Hongyan Wang

Abstract

The addition of wealth-attained advantage (WAA) to the Yard-Sale Model (YSM) of asset exchange has been demonstrated to induce wealth condensation. In a model of WAA for which the bias is a continuous function of the wealth difference of the transacting agents, the condensation was shown to arise from a second-order phase transition to a coexistence regime. In this paper, we present the first analytic time-dependent results for this model, by showing that the condensed wealth obeys a logistic equation in time.

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  • Bruce M. Boghosian & Adrian Devitt-Lee & Hongyan Wang, 2016. "The Growth of Oligarchy in a Yard-Sale Model of Asset Exchange: A Logistic Equation for Wealth Condensation," Papers 1608.05851, arXiv.org.
    • Handle: RePEc:arx:papers:1608.05851
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    Cited by:

    1. Neñer, Julian & Laguna, María Fabiana, 2021. "Optimal risk in wealth exchange models: Agent dynamics from a microscopic perspective," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 566(C).
    2. Li, Jie & Boghosian, Bruce M. & Li, Chengli, 2019. "The Affine Wealth Model: An agent-based model of asset exchange that allows for negative-wealth agents and its empirical validation," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 516(C), pages 423-442.
    3. Lima, Hugo & Vieira, Allan R. & Anteneodo, Celia, 2022. "Nonlinear redistribution of wealth from a stochastic approach," Chaos, Solitons & Fractals, Elsevier, vol. 163(C).
    4. Li, Jie & Boghosian, Bruce M., 2018. "Duality in an asset exchange model for wealth distribution," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 497(C), pages 154-165.

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