Living in an irrational society: Wealth distribution with correlations between risk and expected profits |
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| Institution: | 1. Santa Fe Institute, 1399 Hyde Park Road, Santa Fe, NM 87501, USA;2. Centro Atómico Bariloche and Instituto Balseiro, 8400 Bariloche, RN, Argentina;3. Instituto de Física, UFRGS, C.P. 15051, 91501-970, Porto Alegre, RS, Brazil;1. Centro Atómico Bariloche and Instituto Balseiro, San Carlos de Bariloche, 8400 Río Negro, Argentina;2. Centro Atómico Bariloche and Instituto Balseiro, San Carlos de Bariloche, 8400 Río Negro, Argentina;1. Department of Geography and Resource Management, The Chinese University of Hong Kong, Sha Tin, N.T., Hong Kong;2. Department of Strategic Management, Marketing and Tourism, School of Management, University of Innsbruck, Karl-Rahner-Platz 3, 6020 Innsbruck, Austria;3. Centre for Environmental Policy and Resource Management (CEPRM), Department of Geography and Resource Management, The Chinese University of Hong Kong, Sha Tin, N.T. Hong Kong;1. School of Urban and Environmental Engineering, Ulsan National Institute of Science and Technology, Ulsan, Republic of Korea;2. Department of Urban Planning and Engineering, Yonsei University, Seoul, Republic of Korea;1. Dpto. de Análisis Geográfico Regional y Geografía Física, Universidad de Granada, Granada, Spain;2. Graduate School of Geography, Clark University, Worcester, MA, United States;3. GEODE UMR 5602 CNRS, Université de Toulouse Jean Jaurès, Toulouse, France;4. Centro de Investigaciones en Geografía Ambiental, Universidad Nacional Autónoma de México (UNAM), Morelia, Mexico;1. Department of Environmental Health Engineering, School of Health, Larestan University of Medical Sciences, Larestan, Iran, Shahrdari Blvd, Evaz, Larestan, Iran;2. Research Center for Health Sciences, Institute of Health, School of Health, Department of Environmental Health, School of Health, Shiraz University of Medical Sciences, Shiraz, Iran;3. Environmental and Food Hygiene Laboratories (LIAA) of Department of Medical Sciences, Surgical and Advanced Technologies “G.F.Ingrassia”, Hygiene and Public Health, University of Catania, Italy;4. Department of Environmental Health Engineering, School of Health, Tehran University of Medical Sciences, Blvd Keshavarz, St Poursina, Tehran, Iran |
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| Abstract: | Different models to study the wealth distribution in an artificial society have considered a transactional dynamics as the driving force. Those models include a risk aversion factor, but also a finite probability of favoring the poorer agent in a transaction. Here, we study the case where the partners in the transaction have a previous knowledge of the winning probability and adjust their risk aversion taking this information into consideration. The results indicate that a relatively equalitarian society is obtained when the agents risk in direct proportion to their winning probabilities. However, it is the opposite case that delivers wealth distribution curves and Gini indices closer to empirical data. This indicates that, at least for this very simple model, either agents have no knowledge of their winning probabilities, either they exhibit an “irrational” behavior risking more than reasonable. |
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