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Interplay of simple stochastic games as models for the economy

Garibaldi, Ubaldo, Radivojević, Tijana, Scalas, Enrico (2013)

Applications of Mathematics 2013

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,...

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