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Title: Interplay of simple stochastic games as models for the economy (English)
Author: Garibaldi, Ubaldo
Author: Radivojević, Tijana
Author: Scalas, Enrico
Language: English
Journal: Applications of Mathematics 2013
Volume: Proceedings. Prague, May 15-17, 2013
Issue: 2013
Pages: 77-87
Category: math
Summary: 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. (English)
Keyword: stochastic matrix
Keyword: Monte Carlo step
Keyword: Markov dynamics
MSC: 60J20
MSC: 91A15
MSC: 91A80
MSC: 91B02
MSC: 91B80
idZBL: Zbl 1340.91029
idMR: MR3204432
Date available: 2017-02-14T09:14:50Z
Last updated: 2017-03-20
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