File(s) not publicly available
International and domestic trading and wealth distribution
journal contribution
posted on 2023-06-08, 06:42 authored by Bertram Duering, Giuseppe ToscaniWe introduce and discuss a kinetic model for wealth distribution in a simple market economy which is built of a number of countries or social groups. Our approach is based on the model with risky investments introduced by Cordier, Pareschi, and Toscani in On a kinetic model for a simple market economy, and borrows ideas from the kinetic theory of mixtures of rarefied gases. Wealth is exchanged by individuals inside these countries (domestic trade) as well as in between different countries (international trade). Under a suitable scaling we derive a system of Fokker-Planck type equations and discuss its extension to a two-dimensional model with distributed trading propensity. Theoretical and numerical results for two groups show that the wealth distribution develops a bimodal (and in general, a polymodal) shape.
History
Publication status
- Published
Journal
Communications in Mathematical SciencesISSN
1539-6746Publisher
International PressPublisher URL
Issue
4Volume
6Page range
1043-1058Department affiliated with
- Mathematics Publications
Full text available
- No
Peer reviewed?
- Yes
Legacy Posted Date
2012-02-06Usage metrics
Categories
No categories selectedKeywords
Licence
Exports
RefWorks
BibTeX
Ref. manager
Endnote
DataCite
NLM
DC