Uncertainty dynamics in a model of economic inequality

M.L. Bertotti, A.K. Chattopadhyay, G. Modanese

Research output: Contribution to journalArticle

Abstract

In this article, we consider a stylized dynamic model to describe the economics of a population, expressed by a Langevin-type kinetic equation. The dynamics is defined by a combination of terms, one of which represents monetary exchanges between individuals mutually engaged in trade, while the uncertainty in barter (trade exchange) is modelled through additive and multiplicative stochastic terms which necessarily abide dynamical constraints. The model is studied to estimate three meaningful quantities, the inequality Gini index, the social mobility and the total income of the population. In particular, we investigate the time evolving binary correlations between any two of these quantities.
Original languageEnglish
Pages (from-to)16-22
Number of pages6
JournalInternational Journal of Design and Nature and Ecodynamics
Volume13
Issue number1
DOIs
Publication statusPublished - 31 Jan 2018
EventComplex Systems 2017 - New Forest, United Kingdom
Duration: 25 May 201725 May 2017

Bibliographical note

© 2018 WIT Press. M.L. Bertotti, et al., Int. J. of Design & Nature and Ecodynamics. Vol. 13, No. 1 (2018) 16–22

Keywords

  • income distribution
  • economic inequality
  • social mobility
  • additive and multiplicative noise

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