Education Prize Logo
Science SPORE Prize
November 2011

NSF Logo
The Open Source Physics Project is supported by NSF DUE-0442581.

Asset Exchange Model Package Feature Summary

Type:
Featured Curriculum Package
Title:
Modeling Wealth Inequality
Description:
An econophysics package that the models the transfer of wealth between buyers and sellers, known as agents, who spend their time  exchanging goods at a yard sale. In this economic model, two agents A and B are chosen at random and goods are exchanged.  In each transaction an agent can either pay too much or get a bargain so that one agent becomes slightly richer while the other agent becomes poorer. What happens to the wealth of agent wA if this process is repeated many times and if we assume that the agent receiving the bargain is chosen at random so that sometimes agent A gains and sometimes agent A looses in the transaction. In other words, neither agent is always shrewd or always gullible so that all agents have an equal chance of getting rich. Does this model produce an equitable distribution of wealth?

This package is available online and as a downloadable ePub.
Image:
Featured:
January 1, 2016 - February 1, 2018
The OSP Network:
Open Source Physics - Tracker - EJS Modeling
Physlet Physics
Physlet Quantum Physics