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Agent Based Approaches to Income Distributions and the Impact of Memory

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The Logistic Map and the Route to Chaos

Part of the book series: Understanding Complex Systems ((UCS))

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Summary

Agent based models have been used to study the dynamics of wealth or income distributions in populations. In this chapter we develop a generic theory of interacting agents where the property of memory may be included. The model may be analysed both analytically and numerically via computer simulation. Particular regimes are analysed and compared with empirical data for both the UK and the Republic of Ireland. We also demonstrate that with the inclusion of memory the predicted wealth distribution can exhibit Pareto tails with values of the exponent that are greater than unity unlike the model without memory where the exponent is always unity.

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Author information

Authors and Affiliations

  1. Department of Physics, Trinity College Dublin 2, Dublin

    Przemysław Repetowicz, Peter Richmond, Stefan Hutzler & Eimear Ni Dhuinn

Authors
  1. Przemysław Repetowicz
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  2. Peter Richmond
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  3. Stefan Hutzler
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  4. Eimear Ni Dhuinn
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Editor information

Editors and Affiliations

  1. Institut de Physique, Université de Liège, B5, Sart Tilman, 4000, Liège, Belgium

    Marcel Ausloos

  2. Royal Military Academy/ELEC, Avenue de la, Renaissancelaan 30, 1000, Brussels, Belgium

    Michel Dirickx

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© 2006 Springer-Verlag Berlin Heidelberg

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Repetowicz, P., Richmond, P., Hutzler, S., Dhuinn, E.N. (2006). Agent Based Approaches to Income Distributions and the Impact of Memory. In: Ausloos, M., Dirickx, M. (eds) The Logistic Map and the Route to Chaos. Understanding Complex Systems. Springer, Berlin, Heidelberg. https://doi.org/10.1007/3-540-32023-7_15

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