Wealth condensation and "corruption" in a toy model

D. Johnston, Z. Burda, J. Jurkiewicz, M. Kamiński, M. A. Nowak, G. Papp, I. Zahed

Research output: Chapter in Book/Report/Conference proceedingConference contribution

Abstract

We discuss the wealth condensation mechanism in a simple toy economy in which individual agent's wealths are distributed according to a Pareto power law and the overall wealth is fixed. The observed behaviour is the manifestation of a transition which occurs in Zero Range Processes (ZRPs) or "balls in boxes" models. An amusing feature of the transition in this context is that the condensation can be induced by increasing the exponent in the power law, which one might have naively assumed penalised greater wealths more.

Original languageEnglish
Title of host publicationActa Physica Polonica B
EditorsZ. Burda, J. Jurkiewicz, M.A. Nowak
Pages2709-2717
Number of pages9
Volume36
Edition9
Publication statusPublished - Sep 2005
EventConference on Applications of Random Matrices to Economy and Other Complex Systems - Cracow, Poland
Duration: May 25 2005May 28 2005

Other

OtherConference on Applications of Random Matrices to Economy and Other Complex Systems
CountryPoland
CityCracow
Period5/25/055/28/05

Fingerprint

condensation
economy
boxes
balls
exponents

ASJC Scopus subject areas

  • Physics and Astronomy(all)

Cite this

Johnston, D., Burda, Z., Jurkiewicz, J., Kamiński, M., Nowak, M. A., Papp, G., & Zahed, I. (2005). Wealth condensation and "corruption" in a toy model. In Z. Burda, J. Jurkiewicz, & M. A. Nowak (Eds.), Acta Physica Polonica B (9 ed., Vol. 36, pp. 2709-2717)

Wealth condensation and "corruption" in a toy model. / Johnston, D.; Burda, Z.; Jurkiewicz, J.; Kamiński, M.; Nowak, M. A.; Papp, G.; Zahed, I.

Acta Physica Polonica B. ed. / Z. Burda; J. Jurkiewicz; M.A. Nowak. Vol. 36 9. ed. 2005. p. 2709-2717.

Research output: Chapter in Book/Report/Conference proceedingConference contribution

Johnston, D, Burda, Z, Jurkiewicz, J, Kamiński, M, Nowak, MA, Papp, G & Zahed, I 2005, Wealth condensation and "corruption" in a toy model. in Z Burda, J Jurkiewicz & MA Nowak (eds), Acta Physica Polonica B. 9 edn, vol. 36, pp. 2709-2717, Conference on Applications of Random Matrices to Economy and Other Complex Systems, Cracow, Poland, 5/25/05.
Johnston D, Burda Z, Jurkiewicz J, Kamiński M, Nowak MA, Papp G et al. Wealth condensation and "corruption" in a toy model. In Burda Z, Jurkiewicz J, Nowak MA, editors, Acta Physica Polonica B. 9 ed. Vol. 36. 2005. p. 2709-2717
Johnston, D. ; Burda, Z. ; Jurkiewicz, J. ; Kamiński, M. ; Nowak, M. A. ; Papp, G. ; Zahed, I. / Wealth condensation and "corruption" in a toy model. Acta Physica Polonica B. editor / Z. Burda ; J. Jurkiewicz ; M.A. Nowak. Vol. 36 9. ed. 2005. pp. 2709-2717
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