Study of a market model with conservative exchanges on complex networks |
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Authors: | Lidia A Braunstein Pablo A Macri JR Iglesias |
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Institution: | 1. IFIMAR Institute, Physics Department, UNMdP-CONICET, Mar del Plata, Argentina;2. Center for Polymer Studies, Boston University, Boston, MA 02215, USA;3. Instituto de Física, UFRGS and Instituto Nacional de Ciência e Tecnologia de Sistemas Complexos, Caixa Postal 15051, 91501-970 Porto Alegre, RS, Brazil;4. Programa de Pós-Graduação em Economia, UFRGS, Av. João Pessoa 52, 90040-000 Porto Alegre, RS, Brazil |
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Abstract: | Many models of market dynamics make use of the idea of conservative wealth exchanges among economic agents. A few years ago an exchange model using extremal dynamics was developed and a very interesting result was obtained: a self-generated minimum wealth or poverty line. On the other hand, the wealth distribution exhibited an exponential shape as a function of the square of the wealth. These results have been obtained both considering exchanges between nearest neighbors or in a mean field scheme. In the present paper we study the effect of distributing the agents on a complex network. We have considered archetypical complex networks: Erdös–Rényi random networks and scale-free networks. The presence of a poverty line with finite wealth is preserved but spatial correlations are important, particularly between the degree of the node and the wealth. We present a detailed study of the correlations, as well as the changes in the Gini coefficient, that measures the inequality, as a function of the type and average degree of the considered networks. |
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Keywords: | Econophysics Wealth distribution Complex networks Inequalities |
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