Yard-sale model

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The yard-sale model is an kinetic exchange models of markets where agents interact in random pairs to trade wealth, akin to a yard sale where people exchange goods and money. [1] In the economic model, two random agents trade a percentage of the poorer agent's wealth wealth concentration where a few agents become extremely rich and most become poor even with fair rules. [2]

The yard sale model is one of the most commonly used models to describe wealth distribution. [3]

More recent versions of the model include wealth redistribution and Wealth attained advantage. [4] [5]

References

  1. ↑ Cohen, David W.; Boghosian, Bruce M. (2023). "Bounding the approach to oligarchy in a variant of the yard-sale model". doi:10.48550/arXiv.2310.16098.{{cite journal}}: Cite journal requires |journal= (help)
  2. ↑ Hunt, Earl (30 October 2006). "Is Capitalism Inherently Unfair?". The Mathematics of Behavior. Cambridge University Press. p. 285. ISBN   978-1-139-45998-3.
  3. ↑ Giordano, Lautaro; Cortés, Ignacio; Gonçalves, Sebastian; Laguna, María Fabiana (15 October 2025). "Limiting risk to reduce inequality: Insights from the Yard-Sale model". Physica A: Statistical Mechanics and Its Applications. 676 130872. arXiv: 2508.06650 . Bibcode:2025PhyA..67630872G. doi:10.1016/j.physa.2025.130872.
  4. ↑ Boghosian, Bruce; Börgers, Christoph (Oct 2, 2023). "The Mathematics of Poverty, Inequality, and Oligarchy". Society for Industrial and Applied Mathematics. 56 (8).
  5. ↑ Börgers, Christoph; Greengard, Claude (2023). "A new probabilistic analysis of the yard-sale model". arXiv: 2308.01485 .{{cite journal}}: Cite journal requires |journal= (help)
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