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Souma, Satofumi; Lee, S. J.; Kim, N.; Kang, Tae‐Won; Ihm, G.; Yi, Kyung–Soo; Suzuki, Akira

doi:10.1023/a:1023673605507

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2009

2013

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“…It has been widely observed that the distribution of wealth among individuals in various economies follows a remarkably simple pattern, namely, a power-law tail for the rich (also known as Pareto's law) and a log-normal distribution for the rest [1,2,3,4]. In other words, the wealth distribution P w (w) can be expressed as…”

Section: Introductionmentioning

confidence: 99%

Experimental evidence for the interplay between individual wealth and transaction network

Tseng

Wang

2009

Eur. Phys. J. B

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We conduct a market experiment with human agents in order to explore the structure of transaction networks and to study the dynamics of wealth accumulation. The experiment is carried out on our platform for 97 days with 2,095 effective participants and 16,936 times of transactions. From these data, the hybrid distribution (log-normal bulk and power-law tail) in the wealth is observed and we demonstrate that the transaction networks in our market are always scale-free and disassortative even for those with the size of the order of few hundred. We further discover that the individual wealth is correlated with its degree by a power-law function which allows us to relate the exponent of the transaction network degree distribution to the Pareto index in wealth distribution.

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Section: Introductionmentioning

confidence: 99%