The Forbes 400, the Pareto power-law and efficient markets |
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| Authors: | O S Klass O Biham M Levy O Malcai S Solomon |
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| Institution: | (1) Racah Institute of Physics, The Hebrew University, Jerusalem, 91904, Israel;(2) School of Business Administration, The Hebrew University, Jerusalem, 91905, Israel |
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| Abstract: | Statistical regularities at
the top end of the wealth distribution in the United States are
examined using the Forbes 400 lists of richest Americans,
published between 1988 and 2003.
It is found that the wealths are distributed according to a power-law
(Pareto) distribution.
This result is explained using a
simple stochastic model
of multiple investors that incorporates the
efficient market hypothesis
as well as the multiplicative nature of financial market fluctuations. |
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| Keywords: | 89 65 Gh Economics econophysics financial markets business and management 89 65 -s Social and economic systems 89 75 Da Systems obeying scaling laws |
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