Using the interplay among three simple exchange games, one may give a satisfactory representation of a conservative economic system where total wealth and number of agents do not change in time. With these games it is possible to investigate the emergence of statistical equilibrium in a simple pure-exchange environment. The exchange dynamics is composed of three mechanisms: a decentralized interaction, which mimics the pair-wise exchange of wealth between two economic agents, a failure mechanism, which takes into account occasional failures of agents and includes wealth redistribution favoring righer agents, and a centralized mechanism, which describes the result of a redistributive effort. According to the interplay between these three mechanisms, their relative strength, as well as the details of redistribution, different outcomes are possible.
@article{702933,
title = {Interplay of simple stochastic games as models for the economy},
booktitle = {Applications of Mathematics 2013},
series = {GDML\_Books},
publisher = {Institute of Mathematics AS CR},
address = {Prague},
year = {2013},
pages = {77-87},
mrnumber = {MR3204432},
zbl = {1340.91029},
url = {http://dml.mathdoc.fr/item/702933}
}
Garibaldi, Ubaldo; Radivojević, Tijana; Scalas, Enrico. Interplay of simple stochastic games as models for the economy, dans Applications of Mathematics 2013, GDML_Books, (2013), pp. 77-87. http://gdmltest.u-ga.fr/item/702933/