Agent based models for wealth distribution with preference in interaction

TL;DR

This paper introduces conservative agent-based models for wealth exchange that incorporate preferences in interactions, considering factors like current wealth, past interactions, and financial status, to replicate real economic phenomena.

Contribution

The paper presents novel conservative models with interaction preferences based on financial status, past interactions, and wealth, capturing key features of real economic systems.

Findings

Wealth distribution exhibits phase transitions.

Models reproduce features of real economic systems.

Network properties and activity patterns are analyzed.

Abstract

We propose a set of conservative models in which agents exchange wealth with a preference in the choice of interacting agents in different ways. The common feature in all the models is that the temporary values of financial status of agents is a deciding factor for interaction. Other factors which may play important role are past interactions and wealth possessed by individuals. Wealth distribution, network properties and activity are the main quantities which have been studied. Evidence of phase transitions and other interesting features are presented. The results show that certain observations of real economic system can be reproduced by the models.