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A simple probabilistic approach of the Yard-Sale model

Abstract : We propose in the present paper a probabilistic approach of the so-called Hayes (2002) Yard-Sale model using classical diffusion approximations of Markov chains. We partly recover, at the very least for small and high frequency transactions, recent results of Boghosian (2014a) and Boghosian et al. (2015) concerning both wealth condensation in the absence of redistribution mechanisms and steady state distributions when a uniform capital taxation is imposed.
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Contributor : Christophe Chorro Connect in order to contact the contributor
Submitted on : Tuesday, October 25, 2016 - 9:31:25 AM
Last modification on : Friday, April 29, 2022 - 10:12:42 AM

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Christophe Chorro. A simple probabilistic approach of the Yard-Sale model. Statistics and Probability Letters, Elsevier, 2016, 112, pp.35-40. ⟨10.1016/j.spl.2016.01.012⟩. ⟨hal-01387028⟩



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