APS Excellence in Physics Education Award
November 2019

Education Prize Logo
Science SPORE Prize
November 2011

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

Computer Program Detail Page

Item Picture
Agent Based Economic Model Comparison
written by Wolfgang Christian, Jan Tobochnik, and Harvey Gould
This EJS JavaScript model compares two agent-based economic models with different wealth transaction rules (algorithms) and compares the resulting wealth distributions. Both models consists of N agents (economic actors such as a person, family, or a company) that make economic decisions. Interacting agents are chosen randomly so that each agent will, on average, participate in two transactions per time step in our toy economy.

In the Yard Sale Model (also called the Asset Exchange Model), two agents A and B are chosen at random and goods are exchanged. If the price of the item is correct, neither agent gains or loses wealth but this is unrealistic. In a realistic 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.   In the Sharing Model the the two agents first combine their wealth but then redistribute their shared wealth unevenly.  

Run these two models and observe the wealth distribution as the system evolves. Does either algorithm produce an equitable distribution of wealth?
Subjects Levels Resource Types
Mathematical Tools
- Probability
- Statistics
Thermo & Stat Mech
- Probability
= Random Walks
- Statistical Physics
- Upper Undergraduate
- High School
- Lower Undergraduate
- Informal Education
- Instructional Material
= Interactive Simulation
Intended Users Formats Ratings
- Learners
- Researchers
- Educators
- General Publics
- text/html
- application/zip
- application/javascript
  • Currently 0.0/5

Want to rate this material?
Login here!


Access Rights:
Free access
License:
This material is released under a Creative Commons Attribution-Noncommercial-Share Alike 3.0 license.
Rights Holder:
Wolfgang Christian
Keyword:
econophysics
Record Cloner:
Metadata instance created July 8, 2022 by Wolfgang Christian
Record Updated:
August 1, 2022 by Wolfgang Christian
Last Update
when Cataloged:
July 8, 2022
ComPADRE is beta testing Citation Styles!

Record Link
AIP Format
W. Christian, J. Tobochnik, and H. Gould, Computer Program AGENT BASED ECONOMIC MODEL COMPARISON (2022), WWW Document, (https://www.compadre.org/Repository/document/ServeFile.cfm?ID=16170&DocID=5559).
AJP/PRST-PER
W. Christian, J. Tobochnik, and H. Gould, Computer Program AGENT BASED ECONOMIC MODEL COMPARISON (2022), <https://www.compadre.org/Repository/document/ServeFile.cfm?ID=16170&DocID=5559>.
APA Format
Christian, W., Tobochnik, J., & Gould, H. (2022). Agent Based Economic Model Comparison [Computer software]. Retrieved August 11, 2022, from https://www.compadre.org/Repository/document/ServeFile.cfm?ID=16170&DocID=5559
Chicago Format
Christian, W, J. Tobochnik, and H. Gould. "Agent Based Economic Model Comparison." https://www.compadre.org/Repository/document/ServeFile.cfm?ID=16170&DocID=5559 (accessed 11 August 2022).
MLA Format
Christian, Wolfgang, Jan Tobochnik, and Harvey Gould. Agent Based Economic Model Comparison. Computer software. 2022. 11 Aug. 2022 <https://www.compadre.org/Repository/document/ServeFile.cfm?ID=16170&DocID=5559>.
BibTeX Export Format
@misc{ Author = "Wolfgang Christian and Jan Tobochnik and Harvey Gould", Title = {Agent Based Economic Model Comparison}, Month = {July}, Year = {2022} }
Refer Export Format

%A Wolfgang Christian %A Jan Tobochnik %A Harvey Gould %T Agent Based Economic Model Comparison %D July 8, 2022 %U https://www.compadre.org/Repository/document/ServeFile.cfm?ID=16170&DocID=5559 %O text/html

EndNote Export Format

%0 Computer Program %A Christian, Wolfgang %A Tobochnik, Jan %A Gould, Harvey %D July 8, 2022 %T Agent Based Economic Model Comparison %8 July 8, 2022 %U https://www.compadre.org/Repository/document/ServeFile.cfm?ID=16170&DocID=5559


Disclaimer: ComPADRE offers citation styles as a guide only. We cannot offer interpretations about citations as this is an automated procedure. Please refer to the style manuals in the Citation Source Information area for clarifications.

Citation Source Information

The AIP Style presented is based on information from the AIP Style Manual.

The APA Style presented is based on information from APA Style.org: Electronic References.

The Chicago Style presented is based on information from Examples of Chicago-Style Documentation.

The MLA Style presented is based on information from the MLA FAQ.

Agent Based Economic Model Comparison:

Is Based On Easy Java Simulations Modeling and Authoring Tool

Use the Easy Java Simulations Modeling and Authoring Tool to edit and to explore the source code for the Agent Based Economic Model Comparison.

relation by Wolfgang Christian

Know of another related resource? Login to relate this resource to it.
Save to my folders

Contribute

Related Materials

Similar Materials

OSP Projects:
Open Source Physics - EJS Modeling
Tracker
Physlet Physics
Physlet Quantum Physics
STP Book