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A simple probabilistic approach of the Yard-Sale model

Author

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  • Christophe Chorro

    (CES - Centre d'économie de la Sorbonne - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique)

Abstract

We propose in the present paper a probabilistic approach of the so-called Hayes (2002) Yard-Sale model using classical diffusion approximations of Markov chains. We partly recover, at the very least for small and high frequency transactions, recent results of Boghosian (2014a) and Boghosian et al. (2015) concerning both wealth condensation in the absence of redistribution mechanisms and steady state distributions when a uniform capital taxation is imposed.

Suggested Citation

  • Christophe Chorro, 2016. "A simple probabilistic approach of the Yard-Sale model," Post-Print hal-01387028, HAL.
    • Handle: RePEc:hal:journl:hal-01387028
    DOI: 10.1016/j.spl.2016.01.012
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    Citations

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    Cited by:

    1. Christoph Borgers & Claude Greengard, 2024. "Local wealth condensation for yard-sale models with wealth-dependent biases," Papers 2406.10978, arXiv.org.
    2. Lima, Hugo & Vieira, Allan R. & Anteneodo, Celia, 2022. "Nonlinear redistribution of wealth from a stochastic approach," Chaos, Solitons & Fractals, Elsevier, vol. 163(C).
    3. David W. Cohen & Bruce M. Boghosian, 2023. "Bounding the approach to oligarchy in a variant of the yard-sale model," Papers 2310.16098, arXiv.org, revised Apr 2024.
    4. Christoph Borgers & Claude Greengard, 2023. "A new probabilistic analysis of the yard-sale model," Papers 2308.01485, arXiv.org.
    5. Bouleau, Nicolas & Chorro, Christophe, 2017. "The impact of randomness on the distribution of wealth: Some economic aspects of the Wright–Fisher diffusion process," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 479(C), pages 379-395.
    6. Nicolas Bouleau & Christophe Chorro, 2017. "The impact of randomness on the distribution of wealth: Some economic aspects of the Wright-Fisher diffusion process," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) hal-01138383, HAL.
    7. Nicolas Bouleau & Christophe Chorro, 2017. "The impact of randomness on the distribution of wealth: Some economic aspects of the Wright-Fisher diffusion process," Post-Print hal-01138383, HAL.

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