Interplay of simple stochastic games as models for the economy

Garibaldi, Ubaldo, Radivojević, Tijana, and Scalas, Enrico. "Interplay of simple stochastic games as models for the economy." Applications of Mathematics 2013. Prague: Institute of Mathematics AS CR, 2013. 77-87. <http://eudml.org/doc/287801>.

@inProceedings{Garibaldi2013,
abstract = {Using the interplay among three simple exchange games, one may give a satisfactory representation of a conservative economic system where total wealth and number of agents do not change in time. With these games it is possible to investigate the emergence of statistical equilibrium in a simple pure-exchange environment. The exchange dynamics is composed of three mechanisms: a decentralized interaction, which mimics the pair-wise exchange of wealth between two economic agents, a failure mechanism, which takes into account occasional failures of agents and includes wealth redistribution favoring righer agents, and a centralized mechanism, which describes the result of a redistributive effort. According to the interplay between these three mechanisms, their relative strength, as well as the details of redistribution, different outcomes are possible.},
author = {Garibaldi, Ubaldo, Radivojević, Tijana, Scalas, Enrico},
booktitle = {Applications of Mathematics 2013},
keywords = {stochastic matrix; Monte Carlo step; Markov dynamics},
location = {Prague},
pages = {77-87},
publisher = {Institute of Mathematics AS CR},
title = {Interplay of simple stochastic games as models for the economy},
url = {http://eudml.org/doc/287801},
year = {2013},
}

TY - CLSWK
AU - Garibaldi, Ubaldo
AU - Radivojević, Tijana
AU - Scalas, Enrico
TI - Interplay of simple stochastic games as models for the economy
T2 - Applications of Mathematics 2013
PY - 2013
CY - Prague
PB - Institute of Mathematics AS CR
SP - 77
EP - 87
AB - Using the interplay among three simple exchange games, one may give a satisfactory representation of a conservative economic system where total wealth and number of agents do not change in time. With these games it is possible to investigate the emergence of statistical equilibrium in a simple pure-exchange environment. The exchange dynamics is composed of three mechanisms: a decentralized interaction, which mimics the pair-wise exchange of wealth between two economic agents, a failure mechanism, which takes into account occasional failures of agents and includes wealth redistribution favoring righer agents, and a centralized mechanism, which describes the result of a redistributive effort. According to the interplay between these three mechanisms, their relative strength, as well as the details of redistribution, different outcomes are possible.
KW - stochastic matrix; Monte Carlo step; Markov dynamics
UR - http://eudml.org/doc/287801
ER -