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

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

Access to Document

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

@article{69eb1cf96d304447952c19edff78a01d,

title = "Uncertainty dynamics in a model of economic inequality",

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.",

keywords = "income distribution, economic inequality, social mobility, additive and multiplicative noise",

author = "M.L. Bertotti and A.K. Chattopadhyay and G. Modanese",

note = "{\textcopyright} 2018 WIT Press. M.L. Bertotti, et al., Int. J. of Design & Nature and Ecodynamics. Vol. 13, No. 1 (2018) 16–22; Complex Systems 2017 ; Conference date: 25-05-2017 Through 25-05-2017",

year = "2018",

month = jan,

day = "31",

doi = "10.2495/DNE-V13-N1-16-22",

language = "English",

volume = "13",

pages = "16--22",

journal = "International Journal of Design and Nature and Ecodynamics",

issn = "1755-7437",

publisher = "WIT Press",

number = "1",

}

TY - JOUR

T1 - Uncertainty dynamics in a model of economic inequality

AU - Bertotti, M.L.

AU - Chattopadhyay, A.K.

AU - Modanese, G.

PY - 2018/1/31

Y1 - 2018/1/31

N2 - 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.

AB - 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.

KW - income distribution

KW - economic inequality

KW - social mobility

KW - additive and multiplicative noise

UR - https://www.witpress.com/elibrary/dne-volumes/13/1/1862

U2 - 10.2495/DNE-V13-N1-16-22

DO - 10.2495/DNE-V13-N1-16-22

M3 - Article

SN - 1755-7437

VL - 13

SP - 16

EP - 22

JO - International Journal of Design and Nature and Ecodynamics

JF - International Journal of Design and Nature and Ecodynamics

IS - 1

T2 - Complex Systems 2017

Y2 - 25 May 2017 through 25 May 2017

ER -

Uncertainty dynamics in a model of economic inequality

Abstract

Bibliographical note

Keywords

Access to Document

Other files and links

Fingerprint

Cite this