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New evidence for the power-law distribution of wealth

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Cited by:

  1. Johann Lussange & Ivan Lazarevich & Sacha Bourgeois-Gironde & Stefano Palminteri & Boris Gutkin, 2021. "Modelling Stock Markets by Multi-agent Reinforcement Learning," Computational Economics, Springer;Society for Computational Economics, vol. 57(1), pages 113-147, January.
  2. Misha Perepelitsa & Ilya Timofeyev, 2022. "Self-sustained price bubbles driven by digital currency innovations and adaptive market behavior," SN Business & Economics, Springer, vol. 2(3), pages 1-15, March.
  3. Iori, Giulia, 2002. "A microsimulation of traders activity in the stock market: the role of heterogeneity, agents' interactions and trade frictions," Journal of Economic Behavior & Organization, Elsevier, vol. 49(2), pages 269-285, October.
  4. Nicolò Pecora & Alessandro Spelta, 2014. "Shareholding Network in the Euro Area Banking Market," DISCE - Working Papers del Dipartimento di Economia e Finanza def014, Università Cattolica del Sacro Cuore, Dipartimenti e Istituti di Scienze Economiche (DISCE).
  5. Wright, Ian, 2005. "The social architecture of capitalism," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 346(3), pages 589-620.
  6. Rosser Jr., J. Barkley, 2010. "Is a transdisciplinary perspective on economic complexity possible?," Journal of Economic Behavior & Organization, Elsevier, vol. 75(1), pages 3-11, July.
  7. Arun Advani & George Bangham & Jack Leslie, 2021. "The UK's wealth distribution and characteristics of high‐wealth households," Fiscal Studies, John Wiley & Sons, vol. 42(3-4), pages 397-430, September.
  8. Becker, Bo & Cronqvist, Henrik & Fahlenbrach, Rüdiger, 2011. "Estimating the Effects of Large Shareholders Using a Geographic Instrument," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 46(4), pages 907-942, August.
  9. Marco Raberto & Silvano Cincotti & Sergio Focardi & Michele Marchesi, 2003. "Traders' Long-Run Wealth in an Artificial Financial Market," Computational Economics, Springer;Society for Computational Economics, vol. 22(2), pages 255-272, October.
  10. Mikhail Goykhman, 2017. "Wealth dynamics in a sentiment-driven market," Papers 1705.07092, arXiv.org.
  11. Hongduo Cao & Ying Li & Yong Tan, 2014. "The synchronization club: classification of global economic groups by inequality," Applied Economics, Taylor & Francis Journals, vol. 46(21), pages 2502-2510, July.
  12. Patriarca, Marco & Chakraborti, Anirban & Germano, Guido, 2006. "Influence of saving propensity on the power-law tail of the wealth distribution," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 369(2), pages 723-736.
  13. Aloys Prinz, 2016. "Do capitalistic institutions breed billionaires?," Empirical Economics, Springer, vol. 51(4), pages 1319-1332, December.
  14. Yevgeny Mugerman & Joseph Tzur & Arie Jacobi, 2018. "Mortgage Loans and Bank Risk Taking: Finding the Risk “Sweet Spot”," Quarterly Journal of Finance (QJF), World Scientific Publishing Co. Pte. Ltd., vol. 8(04), pages 1-30, December.
  15. Podobnik, Boris & Gabor, Andrijana Musura & Kirbis, Ivona Skreblin, 2019. "Scale-free growth of human society based on cooperation and altruistic punishment," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 513(C), pages 613-619.
  16. Richmond, Peter & Repetowicz, Przemek & Hutzler, Stefan & Coelho, Ricardo, 2006. "Comments on recent studies of the dynamics and distribution of money," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 370(1), pages 43-48.
  17. Troy Tassier, 2013. "Handbook of Research on Complexity, by J. Barkley Rosser, Jr. and Edward Elgar," Eastern Economic Journal, Palgrave Macmillan;Eastern Economic Association, vol. 39(1), pages 132-133.
  18. Jayadev, Arjun, 2008. "A power law tail in India's wealth distribution: Evidence from survey data," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 387(1), pages 270-276.
  19. Levy, Moshe, 2003. "Are rich people smarter?," Journal of Economic Theory, Elsevier, vol. 110(1), pages 42-64, May.
  20. Thomas Lux, 2009. "Applications of Statistical Physics in Finance and Economics," Chapters, in: J. Barkley Rosser Jr. (ed.), Handbook of Research on Complexity, chapter 9, Edward Elgar Publishing.
  21. E. Samanidou & E. Zschischang & D. Stauffer & T. Lux, 2007. "Agent-based Models of Financial Markets," Papers physics/0701140, arXiv.org.
  22. Jacobi, Arie & Tzur, Joseph, 2019. "Optimal screening capacity and perceived risk of mortgage banks across countries," Emerging Markets Review, Elsevier, vol. 41(C).
  23. Lux, Thomas, 2008. "Applications of statistical physics in finance and economics," Kiel Working Papers 1425, Kiel Institute for the World Economy (IfW Kiel).
  24. Zhao, Dazhi & Luo, Maokang, 2019. "Representations of acting processes and memory effects: General fractional derivative and its application to theory of heat conduction with finite wave speeds," Applied Mathematics and Computation, Elsevier, vol. 346(C), pages 531-544.
  25. JinHyo Joseph Yun & EuiSeob Jeong & JinSeu Park, 2016. "Network Analysis of Open Innovation," Sustainability, MDPI, vol. 8(8), pages 1-21, July.
  26. Tam'as S. Bir'o & Zolt'an N'eda, 2020. "Gintropy: Gini index based generalization of Entropy," Papers 2007.04829, arXiv.org.
  27. Philip Hans Franses & Stephanie Vermeer, 2012. "Inequality amongst the wealthiest and its link with economic growth," Applied Economics, Taylor & Francis Journals, vol. 44(22), pages 2851-2858, August.
  28. Yu, Zihan & Deng, Yong, 2022. "Derive power law distribution with maximum Deng entropy," Chaos, Solitons & Fractals, Elsevier, vol. 165(P2).
  29. Arnab Chatterjee & Bikas K Chakrabarti, 2005. "Ideal-Gas Like Markets: Effect of Savings," Papers physics/0507136, arXiv.org, revised Jul 2005.
  30. Zhou, Bin & Yan, Xiao-Yong & Xu, Xiao-Ke & Xu, Xiao-Ting & Wang, Nianxin, 2018. "Evolutionary of online social networks driven by pareto wealth distribution and bidirectional preferential attachment," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 507(C), pages 427-434.
  31. Wright, Ian, 2009. "Implicit Microfoundations for Macroeconomics," Economics - The Open-Access, Open-Assessment E-Journal (2007-2020), Kiel Institute for the World Economy (IfW Kiel), vol. 3, pages 1-27.
  32. Brzezinski, Michal, 2014. "Do wealth distributions follow power laws? Evidence from ‘rich lists’," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 406(C), pages 155-162.
  33. Solomon, Sorin & Richmond, Peter, 2001. "Power laws of wealth, market order volumes and market returns," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 299(1), pages 188-197.
  34. Wildauer, Rafael & Heck, Ines & Kapeller, Jakob, 2023. "Was Pareto right? Is the distribution of wealth thick-tailed?," Greenwich Papers in Political Economy 38597, University of Greenwich, Greenwich Political Economy Research Centre.
  35. Ricardo Lopez-Ruiz & Elyas Shivanian & Jose-Luis Lopez, 2013. "Random Market Models with an H-Theorem," Papers 1307.2169, arXiv.org, revised Jul 2014.
  36. Yonatan Berman & Yoash Shapira & Eshel Ben-Jacob, 2014. "Unraveling Hidden Order in the Dynamics of Developed and Emerging Markets," PLOS ONE, Public Library of Science, vol. 9(11), pages 1-10, November.
  37. Beckers, Joris & Vanhoof, Maarten & Verhetsel, Ann, 2019. "Returning the particular: Understanding hierarchies in the Belgian logistics system," Journal of Transport Geography, Elsevier, vol. 76(C), pages 315-324.
  38. E. Samanidou & E. Zschischang & D. Stauffer & T. Lux, 2001. "Microscopic Models of Financial Markets," Papers cond-mat/0110354, arXiv.org.
  39. Misha Perepelitsa, 2021. "Psychological dimension of adaptive trading in cryptocurrency markets," Papers 2109.12166, arXiv.org.
  40. Philip Vermeulen, 2018. "How Fat is the Top Tail of the Wealth Distribution?," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 64(2), pages 357-387, June.
  41. Chakrabarti, Anindya S. & Chakrabarti, Bikas K., 2010. "Statistical theories of income and wealth distribution," Economics - The Open-Access, Open-Assessment E-Journal (2007-2020), Kiel Institute for the World Economy (IfW Kiel), vol. 4, pages 1-31.
  42. Tian, Songtao & Liu, Zhirong, 2020. "Emergence of income inequality: Origin, distribution and possible policies," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 537(C).
  43. Michael C Thrun & Tino Gehlert & Alfred Ultsch, 2020. "Analyzing the fine structure of distributions," PLOS ONE, Public Library of Science, vol. 15(10), pages 1-20, October.
  44. AlShelahi, Abdullah & Saigal, Romesh, 2018. "Insights into the macroscopic behavior of equity markets: Theory and application," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 505(C), pages 778-793.
  45. Repetowicz, Przemysław & Hutzler, Stefan & Richmond, Peter, 2005. "Dynamics of money and income distributions," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 356(2), pages 641-654.
  46. Frank A. Cowell & Philippe Kerm, 2015. "Wealth Inequality: A Survey," Journal of Economic Surveys, Wiley Blackwell, vol. 29(4), pages 671-710, September.
  47. Jos'e Cl'audio do Nascimento, 2019. "Decision-making and Fuzzy Temporal Logic," Papers 1901.01970, arXiv.org, revised Feb 2019.
  48. Igor D. S. Siciliani & Marcelo H. R. Tragtenberg, 2017. "Kinetic theory and Brazilian income distribution," Papers 1709.06480, arXiv.org.
  49. Edouard Augustin Ribes, 2021. "What is the impact of introducing productivity tools for wealth management professionals? A case study for the french market," Working Papers hal-03494465, HAL.
  50. Yunfei Li & Diego Rybski & Jürgen P. Kropp, 2021. "Singularity cities," Environment and Planning B, , vol. 48(1), pages 43-59, January.
  51. Wu, Yahao & Wang, Xiao-Tian & Wu, Min, 2009. "Fractional-moment CAPM with loss aversion," Chaos, Solitons & Fractals, Elsevier, vol. 42(3), pages 1406-1414.
  52. Castaldi, Carolina & Milakovic, Mishael, 2007. "Turnover activity in wealth portfolios," Journal of Economic Behavior & Organization, Elsevier, vol. 63(3), pages 537-552, July.
  53. Tomson Ogwang, 2011. "Power laws in top wealth distributions: evidence from Canada," Empirical Economics, Springer, vol. 41(2), pages 473-486, October.
  54. Klass, Oren S. & Biham, Ofer & Levy, Moshe & Malcai, Ofer & Solomon, Sorin, 2006. "The Forbes 400 and the Pareto wealth distribution," Economics Letters, Elsevier, vol. 90(2), pages 290-295, February.
  55. Pierpaolo Andriani & Bill McKelvey, 2007. "Beyond Gaussian averages: redirecting international business and management research toward extreme events and power laws," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 38(7), pages 1212-1230, December.
  56. Rama CONT & Jean-Philippe BOUCHAUD, 1997. "Herd behavior and aggregate fluctuations in financial markets," Finance 9712008, University Library of Munich, Germany, revised 06 Jan 1998.
  57. Mikhail Perepelitsa, 2022. "Two Models of Speculative Bubbles Dynamics for Cryptocurrency Prices," Applied Economics and Finance, Redfame publishing, vol. 9(4), pages 3646-3646, November.
  58. Ogwang, Tomson, 2013. "Is the wealth of the world’s billionaires Paretian?," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 392(4), pages 757-762.
  59. Jan Schulz & Mishael Milaković, 2023. "How Wealthy are the Rich?," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 69(1), pages 100-123, March.
  60. Rama Cont & Jean-Philippe Bouchaud, 1997. "Herd behavior and aggregate fluctuations in financial markets," Papers cond-mat/9712318, arXiv.org, revised Jan 1998.
  61. Johann Lussange & Stefano Vrizzi & Stefano Palminteri & Boris Gutkin, 2024. "Modelling crypto markets by multi-agent reinforcement learning," Papers 2402.10803, arXiv.org.
  62. Asif, Muhammad & Hussain, Zawar & Asghar, Zahid & Hussain, Muhammad Irfan & Raftab, Mariya & Shah, Said Farooq & Khan, Akbar Ali, 2021. "A statistical evidence of power law distribution in the upper tail of world billionaires’ data 2010–20," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 581(C).
  63. Klaus Jaffe, 2014. "Visualizing the Invisible Hand of Markets: Simulating complex dynamic economic interactions," Papers 1412.6924, arXiv.org, revised Apr 2015.
  64. D'Orazio, Paola, 2019. "Income inequality, consumer debt, and prudential regulation: An agent-based approach to study the emergence of crises and financial instability," Economic Modelling, Elsevier, vol. 82(C), pages 308-331.
  65. Ren, F. & Zhang, Y.C., 2008. "Trading model with pair pattern strategies," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 387(22), pages 5523-5534.
  66. Alberto Russo, 2014. "A Stochastic Model of Wealth Accumulation with Class Division," Metroeconomica, Wiley Blackwell, vol. 65(1), pages 1-35, February.
  67. repec:ctc:serie1:def14 is not listed on IDEAS
  68. do Nascimento, José Cláudio, 2021. "The personal wealth importance to the intertemporal choice," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 565(C).
  69. Pierpaolo Andriani & Bill McKelvey, 2009. "Perspective ---From Gaussian to Paretian Thinking: Causes and Implications of Power Laws in Organizations," Organization Science, INFORMS, vol. 20(6), pages 1053-1071, December.
  70. 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.
  71. Jess Benhabib & Shenghao Zhu, 2008. "Age, Luck, and Inheritance," NBER Working Papers 14128, National Bureau of Economic Research, Inc.
  72. Luisanna Cocco & Giulio Concas & Michele Marchesi, 2017. "Using an artificial financial market for studying a cryptocurrency market," Journal of Economic Interaction and Coordination, Springer;Society for Economic Science with Heterogeneous Interacting Agents, vol. 12(2), pages 345-365, July.
  73. Rama Cont & Jean-Philippe Bouchaud, 1997. "Herd behavior and aggregate fluctuations in financial markets," Science & Finance (CFM) working paper archive 500028, Science & Finance, Capital Fund Management.
  74. Pierpaolo Andriani & Bill McKelvey, 2006. "Beyond Gaussian Averages: Redirecting Management Research Toward Extreme Events and Power Laws," Department of Economics Working Papers 2006_03, Durham University, Department of Economics.
  75. Misha Perepelitsa, 2018. "A model of adaptive, market behavior generating positive returns, volatility and system risk," Papers 1809.09601, arXiv.org.
  76. Wang, Yuanjun & You, Shibing, 2016. "An alternative method for modeling the size distribution of top wealth," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 457(C), pages 443-453.
  77. Michal Brzezinski & Katarzyna Sałach & Marcin Wroński, 2019. "Wealth inequality in Central and Eastern Europe: evidence from joined household survey and rich lists’ data," Working Papers 2019-09, Faculty of Economic Sciences, University of Warsaw.
  78. Matteo Rizzolli & Margherita Saraceno, 2009. "Better that X guilty persons escape than that one innocent suffer," Working Papers 168, University of Milano-Bicocca, Department of Economics, revised Jul 2009.
  79. Sorin Solomon & Moshe Levy, 2000. "Market Ecology, Pareto Wealth Distribution and Leptokurtic Returns in Microscopic Simulation of the LLS Stock Market Model," Papers cond-mat/0005416, arXiv.org.
  80. Antonio Doria, Francisco, 2011. "J.B. Rosser Jr. , Handbook of Research on Complexity, Edward Elgar, Cheltenham, UK--Northampton, MA, USA (2009) 436 + viii pp., index, ISBN 978 1 84542 089 5 (cased)," Journal of Economic Behavior & Organization, Elsevier, vol. 78(1-2), pages 196-204, April.
  81. Jos'e Cl'audio do Nascimento, 2019. "Rational hyperbolic discounting," Papers 1910.05209, arXiv.org, revised Feb 2020.
  82. Boghosian, Bruce M. & Devitt-Lee, Adrian & Johnson, Merek & Li, Jie & Marcq, Jeremy A. & Wang, Hongyan, 2017. "Oligarchy as a phase transition: The effect of wealth-attained advantage in a Fokker–Planck description of asset exchange," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 476(C), pages 15-37.
  83. Nadja König, 2016. "Household Debt and Macrodynamics - How do Income Distribution and Insolvency Regulations interact?," Macroeconomics and Finance Series 201603, University of Hamburg, Department of Socioeconomics.
  84. Misha Perepelitsa, 2021. "Investing in crypto: speculative bubbles and cyclic stochastic price pumps," Papers 2111.11315, arXiv.org, revised Oct 2022.
  85. Capehart, Kevin W., 2014. "Is the wealth of the world’s billionaires not Paretian?," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 395(C), pages 255-260.
  86. Sebastian Guala, 2009. "Taxes in a Wealth Distribution Model by Inelastically Scattering of Particles," Interdisciplinary Description of Complex Systems - scientific journal, Croatian Interdisciplinary Society Provider Homepage: http://indecs.eu, vol. 7(1), pages 1-7.
  87. Ari Belenkiy, 2001. "Inner Market as a "Black Box"," Papers cond-mat/0106401, arXiv.org.
  88. Maciej Jagielski & Ryszard Kutner, 2013. "Modelling the income distribution in the European Union: An application for the initial analysis of the recent worldwide financial crisis," Papers 1312.2362, arXiv.org.
  89. Goykhman, Mikhail, 2017. "Wealth dynamics in a sentiment-driven market," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 488(C), pages 132-148.
  90. Paulo L. dos Santos, 2017. "The Principle of Social Scaling," Complexity, Hindawi, vol. 2017, pages 1-9, December.
  91. Li, Hui & Wu, Min & Wang, Xiao-Tian, 2009. "Fractional-moment Capital Asset Pricing model," Chaos, Solitons & Fractals, Elsevier, vol. 42(1), pages 412-421.
  92. Misha Perepelitsa & Ilya Timofeyev, 2020. "Self-sustained price bubbles driven by Bitcoin innovations and adaptive behavior," Papers 2012.14860, arXiv.org.
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