Dresden 2006 – wissenschaftliches Programm

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AKSOE: Physik sozio-ökonomischer Systeme

AKSOE 10: Poster Session (posters are expected to be displayed the full day 8:30-18:00)

AKSOE 10.26: Poster

Mittwoch, 29. März 2006, 16:00–18:00, P2

Strong wealth condensation in stochastic transfer potential economy models — •Dieter Braun — Noether Group on Dissipative Microsystems, Applied Physics, Ludwig Maximilians Universität München, Amalienstr. 54, 80799 München, Germany

We analyze wealth condensation for a wide class of stochastic economy models on the basis of the economic analog of thermodynamic potentials, termed transfer potentials. The economy model is based on three common transfer modes of wealth: random transfer, profit proportional to wealth and motivation of poor agents to work harder.

The economies never reach a steady state. Wealth condensation is the result of stochastic tunneling through a metastable transfer potential. In accordance with reality, both wealth and income distribution transiently show Pareto tails for high income subjects.

All studied metastable transfer economies show exponential wealth condensation as a robust feature. The simplest model with 10 % annual profit leads to a situation where 1% of the population owns 50 % of the wealth after 50 years. The time to reach such a strong wealth condensation is a hyperbolic function of the annual profit rate.