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A Y Abulmagd - One of the best experts on this subject based on the ideXlab platform.
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Wealth Distribution in an ancient egyptian society
Physical Review E, 2002Co-Authors: A Y AbulmagdAbstract:Modern excavations yielded a Distribution of the house areas in the ancient Egyptian city Akhetaten, which was populated for a short period during the 14th century B.C. Assuming that the house area has a power law dependence of the Wealth of its inhabitants allows us to make a comparison of the Wealth Distributions in ancient and modern societies.
Joseluis Lopez - One of the best experts on this subject based on the ideXlab platform.
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exponential Wealth Distribution a new approach from functional iteration theory
Esaim: Proceedings, 2012Co-Authors: Ricardo Lopezruiz, Joseluis Lopez, Xavier CalbetAbstract:Exponential Distribution is ubiquitous in the framework of multi-agent systems. Usually, it appears as an equilibrium state in the asymptotic time evolution of statistical systems. It has been explained from very different perspectives. In statistical physics, it is obtained from the principle of maximum entropy. In the same context, it can also be derived without any consideration about information theory, only from geometrical arguments under the hypothesis of equiprobability in phase space. Also, several multi-agent economic models based on mappings, with random, deterministic or chaotic interactions, can give rise to the asymptotic appearance of the exponential Wealth Distribution. An alternative approach to this problem in the framework of iterations in the space of Distributions has been recently presented. Concretely, the new iteration given by $ f_{n+1}(x) = \int\int_{u+v>x}{f_n(u)f_n(v)\over u+v} dudv.$. It is found that the exponential Distribution is a stable fixed point of the former functional iteration equation. From this point of view, it is easily understood why the exponential Wealth Distribution (or by extension, other kind of Distributions) is asymptotically obtained in different multi-agent economic models.
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exponential Wealth Distribution in a random market a rigorous explanation
Journal of Mathematical Analysis and Applications, 2012Co-Authors: Joseluis Lopez, Ricardo Lopezruiz, Xavier CalbetAbstract:In simulations of some economic gas-like models, the asymptotic regime shows an exponential Wealth Distribution, independently of the initial Wealth Distribution given to the system. The appearance of this statistical equilibrium for this type of gas-like models is explained in a rigorous analytical way.
Hanno Lustig - One of the best experts on this subject based on the ideXlab platform.
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the market price of aggregate risk and the Wealth Distribution
Review of Financial Studies, 2010Co-Authors: Yili Chien, Hanno LustigAbstract:We introduce limited liability in a model with a continuum of ex ante identical agents who face aggregate and idiosyncratic income risk. These agents can trade a complete menu of contingent claims, but they cannot commit to honor their promises, and their shares in a Lucas tree serve as collateral to back up their state-contingent promises. The limited-liability option gives rise to a second risk factor, in addition to aggregate consumption growth risk. This liquidity risk is created by binding solvency constraints, and it is measured by the growth rate of one moment of the Wealth Distribution. The economy is said to experience a negative liquidity shock when this growth rate is high and a large fraction of agents faces severely binding solvency constraints. The adjustment to the Breeden-Lucas stochastic discount factor induces substantial time variation in equity risk-premims that is consistent with the data at business cycle frequencies. The Author 2009. Published by Oxford University Press on behalf of The Society for Financial Studies. All rights reserved. For Permissions, please email: journals.permissions@oxfordjournals.org, Oxford University Press.
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the market price of aggregate risk and the Wealth Distribution
National Bureau of Economic Research, 2005Co-Authors: Hanno Lustig, Yili ChienAbstract:We introduce limited liability in a model with a continuum of ex ante identical agents who face aggregate and idiosyncratic income risk. These agents can trade a complete menu of contingent claims, but they cannot commit and shares in a Lucas tree serve as collateral to back up their state-contingent promises. The limited liability option gives rise to a second risk factor, in addition to aggregate consumption growth risk. This liquidity risk is created by binding solvency constraints, and it is measured by the growth rate of one moment of the Wealth Distribution. The economy is said to experience a negative liquidity shock when this growth rate is high and a large fraction of agents faces severely binding solvency constraints. The adjustment to the Breeden-Lucas stochastic discount factor induces substantial time variation in equity risk premia that is consistent with the data at business cycle frequencies.
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the market price of aggregate risk and the Wealth Distribution
UCLA Economics Online Papers, 2004Co-Authors: Hanno LustigAbstract:We introduce limited liability in a model with a continuum of ex ante identical agents who face aggregate and idiosyncratic income risk. These agents can trade a complete menu of contingent claims, but they cannot commit to honor their promises, and their shares in a Lucas tree serve as collateral to back up their state-contingent promises. The limited-liability option gives rise to a second risk factor, in addition to aggregate consumption growth risk. This liquidity risk is created by binding solvency constraints, and it is measured by the growth rate of one moment of the Wealth Distribution. The economy is said to experience a negative liquidity shock when this growth rate is high and a large fraction of agents faces severely binding solvency constraints. The adjustment to the Breeden-Lucas stochastic discount factor induces substantial time variation in equity risk-premims that is consistent with the data at business cycle frequencies. The Author 2009. Published by Oxford University Press on behalf of The Society for Financial Studies. All rights reserved. For Permissions, please email: journals.permissions@oxfordjournals.org, Oxford University Press.(This abstract was borrowed from another version of this item.)
Xavier Calbet - One of the best experts on this subject based on the ideXlab platform.
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exponential Wealth Distribution a new approach from functional iteration theory
Esaim: Proceedings, 2012Co-Authors: Ricardo Lopezruiz, Joseluis Lopez, Xavier CalbetAbstract:Exponential Distribution is ubiquitous in the framework of multi-agent systems. Usually, it appears as an equilibrium state in the asymptotic time evolution of statistical systems. It has been explained from very different perspectives. In statistical physics, it is obtained from the principle of maximum entropy. In the same context, it can also be derived without any consideration about information theory, only from geometrical arguments under the hypothesis of equiprobability in phase space. Also, several multi-agent economic models based on mappings, with random, deterministic or chaotic interactions, can give rise to the asymptotic appearance of the exponential Wealth Distribution. An alternative approach to this problem in the framework of iterations in the space of Distributions has been recently presented. Concretely, the new iteration given by $ f_{n+1}(x) = \int\int_{u+v>x}{f_n(u)f_n(v)\over u+v} dudv.$. It is found that the exponential Distribution is a stable fixed point of the former functional iteration equation. From this point of view, it is easily understood why the exponential Wealth Distribution (or by extension, other kind of Distributions) is asymptotically obtained in different multi-agent economic models.
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exponential Wealth Distribution in a random market a rigorous explanation
Journal of Mathematical Analysis and Applications, 2012Co-Authors: Joseluis Lopez, Ricardo Lopezruiz, Xavier CalbetAbstract:In simulations of some economic gas-like models, the asymptotic regime shows an exponential Wealth Distribution, independently of the initial Wealth Distribution given to the system. The appearance of this statistical equilibrium for this type of gas-like models is explained in a rigorous analytical way.
Alberto Bisin - One of the best experts on this subject based on the ideXlab platform.
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the Wealth Distribution in bewley economies with capital income risk
Journal of Economic Theory, 2015Co-Authors: Jess Benhabib, Alberto BisinAbstract:We study the Wealth Distribution in Bewley economies with idiosyncratic capital income risk. We show analytically that under rather general conditions on the stochastic structure of the economy, a unique ergodic Distribution of Wealth displays a fat tail.
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the Wealth Distribution in bewley models with investment risk
National Bureau of Economic Research, 2014Co-Authors: Jess Benhabib, Alberto BisinAbstract:We study the Wealth Distribution in Bewley economies with idiosyncratic capital income risk. We show analytically that under rather general conditions on the stochastic structure of the economy, a unique ergodic Distribution of Wealth displays a fat tail; more precisely, a Pareto Distribution in the right tail.
