Uncertainty dynamics in a model of economic inequality

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

doi:10.2495/DNE-V13-N1-16-22

Uncertainty dynamics in a model of economic inequality

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

Mathematics

Research output: Contribution to journal › Article › peer-review

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 language	English
Pages (from-to)	16-22
Number of pages	6
Journal	International Journal of Design and Nature and Ecodynamics
Volume	13
Issue number	1
DOIs	https://doi.org/10.2495/DNE-V13-N1-16-22
Publication status	Published - 31 Jan 2018
Event	Complex Systems 2017 - New Forest, United Kingdom Duration: 25 May 2017 → 25 May 2017

Bibliographical note

Keywords

income distribution
economic inequality
social mobility
additive and multiplicative noise

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10.2495/DNE-V13-N1-16-22Licence: Unspecified

UNCERTAINTY DYNAMICS IN A MODEL OF ECONOMIC INEQUALITY
© 2018 WIT Press. M.L. Bertotti, et al., Int. J. of Design & Nature and Ecodynamics. Vol. 13, No. 1 (2018) 16–22
Final published version, 236 KBLicence: Unspecified

Cite this

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KW - social mobility

KW - additive and multiplicative noise

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T2 - Complex Systems 2017

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ER -

Uncertainty dynamics in a model of economic inequality

Abstract

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Keywords

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