A model based on first-degree family relations network is used to describe the wealth distribution in societies. The network structure is not a priori introduced in the model, it is generated in parallel with the wealth values through simple and realistic dynamical rules. The model has two main parameters, governing the wealth exchange in the network. Choosing their values realistically, leads ...

We study the dynamics of the distribution of wealth in an economy with intergenerational transmission of wealth and redistributive …scal policy. We characterize the transitional dynamics of the distribution of wealth as well as its stationary state. We show that the stationary wealth distribution is a Pareto distribution.We We gratefully acknowledge conversations with Marco Bassetto, Alberto Br...

We conduct a market experiment with human agents in order to explore the structure of transaction networks and to study the dynamics of wealth accumulation. The experiment is carried out on our platform for 97 days with 2,095 effective participants and 16,936 times of transactions. From these data, the hybrid distribution (log-normal bulk and power-law tail) in the wealth is observed and we dem...

Levy Institute scholars and conference participants. The purpose of the series is to disseminate ideas to and elicit comments from academics and professionals. The Levy Economics Institute of Bard College, founded in 1986, is a nonprofit, nonpartisan, independently funded research organization devoted to public service. Through scholarship and economic research it generates viable, effective pu...

We use instrumental quantile regression approach to examine the effects of 401(k) plans on wealth using data from the Survey of Income and Program Participation. Using 401(k) eligibility as an instrument for 401(k) participation, we estimate the quantile treatment effects of participation in a 401(k) plan on several measures of wealth. The results show the effects of 401(k) participation on net...

JEL Classification: D31, O41. This study proposes an economic growth model of structural change with heterogeneous households. It endogenously determine wealth accumulation and land value. Our model is based on three core theories in economics Walrasian general equilibrium theory, Ricardian theory of distribution, and neoclassical growth theory. The paper is focused on effects of changes in det...