Work

Tolstoy’s dream and the quest for statistical equilibrium in economics and the social sciences

Year: 2010

Type: book-chapter

Abstract: The meaning of the notion of statistical equilibrium in economics is discussed as well as its relevance for economic theory. A simple agent-based model of taxation and redistribution is presented. Its invariant equilibrium distribution is the generalized Pólya sampling distribution. It turns out that the expected wealth distribution is the dichotomous Pólya whose continuous limit is the Beta distribution and whose appropriate thermodynamic limit is the Gamma distribution, often found in describing empirical data. The shape parameter of the Gamma distribution is the inverse of the wealth preferential attachment α−1.

Source: Modeling and simulation in science, engineering & technology

DOI: 10.1007/978-0-8176-4946-3_5

Authors: Ubaldo Garibaldi, Enrico Scalas

Institutions: University of Genoa, Università degli Studi del Piemonte Orientale “Amedeo Avogadro”

Language: English

Topic: Complex Systems and Time Series Analysis

Subfield: Economics and Econometrics

Field: Economics, Econometrics and Finance

Domain: Social Sciences

Open Access status: green

OpenAlex ID: W167379287

FWCI:

Cites: 20

Cited by: 1

Related to: 10