References

  1. “Income inequality in the United States,” Wikipedia (accessed November 23, 2015).
  2. Chad Stone, Danilo Trisi, Arloc Sherman, and Brandon Debot, “A guide to statistics on historical trends in income inequality,” Center on Budget and Policy Priorities (accessed November 23, 2015).
  3. Thomas Piketty, Capital in The Twenty-First Century, Harvard University Press (2013).
  4. The March 17, 2015 issue of the New York Times has an article that argues that tax revenue distribution benefits mostly the rich.
  5. The terms “income” and “wealth” are frequently used synonymously, but represent different quantities. Wealth includes all assets such as savings, real estate, and personal property. In-come is due to wages, interest, dividends, etc. One advantage of considering income rather than wealth is that data on income is readily available. For example, the United States In­ternal Revenue Service has much data available in the form of a spreadsheet. Much historical information about income inequality in the United States can be obtained from census data.
  6. “Tax statistics,” United States Internal Revenue Service (accessed December 1, 2015).
  7. “Historical income tables: Income inequality,” United States Census Bureau (accessed De­cember 1, 2015).
  8. The model we have discussed is an example of an agent-based model and has been mainly developed by physicists. It is commonly referred to as the asset exchange or yard sale model. Read some of the original papers to learn more about this model.
  9. Brian Hayes, “Follow the money,” American Scientist 90 (5), 400–4005 (2002).
  10. Victor M. Yakovenko and J. Barkley Rosser, Jr., “Colloquium: Statistical mechanics of money, wealth, and income,” Rev. Mod. Phys. 81, 1703–1725 (2009).
  11. P. L. Krapivsky and S. Redner, “Wealth distributions in asset exchange models,” Science and Culture 76, 424–429 (2010).
  12. Anirban Chakraborti, Ioane Muni Toke, Marco Patriarca Toke, and Fr´ed´ric Abergel, “Econo­physics: Empirical facts and agent-based models,” arXiv: 0909.19742-1–51 (2010).
  13. Anirban Chakraborti, Ioane Muni Toke, Marco Patriarca, and Frédric Abergel, “Econo­physics review: II. Agent-based models,” Quantitative Finance 11(7), 1013–1041 (2011).
  14. Bruce M. Boghosian, “Kinetics of wealth and the Pareto law,” Phys. Rev. E 89, 042804-1–22 (2014).

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