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Article

Market Behavior and Evolution of Wealth Distribution: A Simulation Model Based on Artificial Agents

1
Department of Mathematical and Computer Sciences, Physical Sciences and Earth Sciences, University of Messina, Viale F. Stagno d’Alcontres 31, 98166 Messina, Italy
2
Interuniversitary Horcynus Orca Foundation, Capo Peloro, 98164 Messina, Italy
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Community Foundation of Messina o.n.l.u.s., Forte Petrazza, Camaro Sup, 98151 Messina, Italy
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Department of Heritage, Architecture and Urban Planning Mediterranean, University of Reggio Calabria, Salita Melissari, 89124 Reggio Calabria, Italy
*
Author to whom correspondence should be addressed.
Math. Comput. Appl. 2021, 26(1), 12; https://doi.org/10.3390/mca26010012
Received: 29 December 2020 / Revised: 1 February 2021 / Accepted: 1 February 2021 / Published: 3 February 2021
(This article belongs to the Section Social Sciences)
The aim of this work is to simulate a market behavior in order to study the evolution of wealth distribution. The numerical simulations are carried out on a simple economical model with a finite number of economic agents, which are able to exchange goods/services and money; the various agents interact each other by means of random exchanges. The model is micro founded, self-consistent, and predictive. Despite the simplicity of the model, the simulations show a complex and non-trivial behavior. First of all, we are able to recognize two solution classes, namely two phases, separated by a threshold region. The analysis of the wealth distribution of the model agents, in the threshold region, shows functional forms resembling empirical quantitative studies of the probability distributions of wealth and income in the United Kingdom and the United States. Furthermore, the decile distribution of the population wealth of the simulated model, in the threshold region, overlaps in a suggestive way with the real data of the Italian population wealth in the last few years. Finally, the results of the simulated model allow us to draw important considerations for designing effective policies for economic and human development. View Full-Text
Keywords: artificial agents; market simulation; wealth distribution artificial agents; market simulation; wealth distribution
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MDPI and ACS Style

Giunta, A.; Giunta, G.; Marino, D.; Oliveri, F. Market Behavior and Evolution of Wealth Distribution: A Simulation Model Based on Artificial Agents. Math. Comput. Appl. 2021, 26, 12. https://doi.org/10.3390/mca26010012

AMA Style

Giunta A, Giunta G, Marino D, Oliveri F. Market Behavior and Evolution of Wealth Distribution: A Simulation Model Based on Artificial Agents. Mathematical and Computational Applications. 2021; 26(1):12. https://doi.org/10.3390/mca26010012

Chicago/Turabian Style

Giunta, Andrea, Gaetano Giunta, Domenico Marino, and Francesco Oliveri. 2021. "Market Behavior and Evolution of Wealth Distribution: A Simulation Model Based on Artificial Agents" Mathematical and Computational Applications 26, no. 1: 12. https://doi.org/10.3390/mca26010012

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