How the rich get richer
| dc.creator | Mehta, Anita | |
| dc.creator | Majumdar, A. S. | |
| dc.creator | Luck, J. M. | |
| dc.date | 2005-04-18 | |
| dc.date.accessioned | 2026-07-07T12:07:32Z | |
| dc.date.available | 2026-07-07T12:07:32Z | |
| dc.description | In our model, $n$ traders interact with each other and with a central bank; they are taxed on the money they make, some of which is dissipated away by corruption. A generic feature of our model is that the richest trader always wins by 'consuming' all the others: another is the existence of a threshold wealth, below which all traders go bankrupt. The two-trader case is examined in detail,in the socialist and capitalist limits, which generalise easily to $n>2$. In its mean-field incarnation, our model exhibits a two-time-scale glassy dynamics, as well as an astonishing universality.When preference is given to local interactions in finite neighbourhoods,a novel feature emerges: instead of at most one overall winner in the system,finite numbers of winners emerge, each one the overlord of a particular region.The patterns formed by such winners (metastable states) are very much a consequence of initial conditions, so that the fate of the marketplace is ruled by its past history; hysteresis is thus also manifested. | |
| dc.description | To appear in Proceedings of Econophys - Kolkata I: International Workshop on Econophysics of Wealth Distributions (Springer series on 'New Economic Windows') | |
| dc.identifier | https://arxiv.org/abs/physics/0504121 | |
| dc.identifier | http://arxiv.org/abs/physics/0504121 | |
| dc.identifier | pp. 199-204 in 'Econophysics of Wealth Distributions', eds. A. Chatterjee et al., Springer-Verlag Italia 2005. | |
| dc.identifier.uri | http://salesiana.dossiersoluciones.com/handle/123456789/209000 | |
| dc.subject | Physics and Society | |
| dc.subject | General Finance | |
| dc.title | How the rich get richer | |
| dc.type | text |