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

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

2016

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 models of WAA for which the bias is a continuous function of the wealth difference of the transacting agents, the condensation arises 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 simple logistic equation in time.

Paper Citation

in Harvard Style

Boghosian B., Devitt-Lee A. and Wang H. (2016). The Growth of Oligarchy in a Yard-Sale Model of Asset Exchange - A Logistic Equation for Wealth Condensation . In Proceedings of the 1st International Conference on Complex Information Systems - Volume 1: COMPLEXIS, ISBN 978-989-758-181-6, pages 187-193. DOI: 10.5220/0005956501870193

in Bibtex Style

@conference{complexis16,
author={Bruce M. Boghosian and Adrian Devitt-Lee and Hongyan Wang},
title={The Growth of Oligarchy in a Yard-Sale Model of Asset Exchange - A Logistic Equation for Wealth Condensation},
booktitle={Proceedings of the 1st International Conference on Complex Information Systems - Volume 1: COMPLEXIS,},
year={2016},
pages={187-193},
publisher={SciTePress},
organization={INSTICC},
doi={10.5220/0005956501870193},
isbn={978-989-758-181-6},
}

in EndNote Style

TY - CONF
JO - Proceedings of the 1st International Conference on Complex Information Systems - Volume 1: COMPLEXIS,
TI - The Growth of Oligarchy in a Yard-Sale Model of Asset Exchange - A Logistic Equation for Wealth Condensation
SN - 978-989-758-181-6
AU - Boghosian B.
AU - Devitt-Lee A.
AU - Wang H.
PY - 2016
SP - 187
EP - 193
DO - 10.5220/0005956501870193