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THE ORIGINS OF EXTREME WEALTH INEQUALITY IN THE TALENT VERSUS LUCK MODEL
Advances in Complex Systems ( IF 0.4 ) Pub Date : 2020-06-03 , DOI: 10.1142/s0219525920500046
DAMIEN CHALLET 1 , ALESSANDRO PLUCHINO 2, 3 , ALESSIO EMANUELE BIONDO 4 , ANDREA RAPISARDA 2, 3, 5
Affiliation  

While wealth distribution in the world is highly skewed and heavy-tailed, human talent — as the majority of individual features — is normally distributed. In a recent computational study by Pluchino et al. [Talent vs luck: The role of randomness in success and failure, Adv. Complex Syst. 21(03–04) (2018) 1850014], it has been shown that the combined effects of both random external factors (lucky and unlucky events) and multiplicative dynamics in capital accumulation are able to clarify this apparent contradiction. We introduce here a simplified version (STvL) of the original Talent versus Luck (TvL) model, where only lucky events are present, and verify that its dynamical rules lead to the same very large wealth inequality. We also derive some analytical approximations aimed to capture the mechanism responsible for the creation of such wealth inequality from a Gaussian-distributed talent. Under these approximations, our analysis is able to reproduce quite well the results of the numerical simulations of the simplified model in special cases. On the other hand, it also shows that the complexity of the model lies in the fact that lucky events are transformed into an increase of capital with heterogeneous rates, which yields a nontrivial generalization of the role of multiplicative processes in generating wealth inequality, whose fully generic case is still not amenable to analytical computations.

中文翻译:

人才与运气模型中极端财富不平等的根源

虽然世界上的财富分配高度倾斜和重尾,但作为个人特征的大多数,人才是正态分布的。在 Pluchino 等人最近的一项计算研究中。[天赋与运气:随机性在成功和失败中的作用,Adv. 复杂的系统。21(03-04)(2018)1850014],已经表明,随机外部因素(幸运和不幸事件)和资本积累中的乘法动态的综合影响能够澄清这一明显的矛盾。我们在这里介绍了原始人才与运气 (TvL) 模型的简化版本 (STvL),其中仅存在幸运事件,并验证其动态规则是否导致同样的非常大的财富不平等。我们还推导出一些分析近似值,旨在从高斯分布的人才那里捕捉造成这种财富不平等的机制。在这些近似下,我们的分析能够很好地再现特殊情况下简化模型的数值模拟结果。另一方面,它也表明模型的复杂性在于,幸运事件转化为具有异质率的资本增加,这对乘法过程在产生财富不平等中的作用进行了非平凡的概括,其完全一般情况仍然不适合分析计算。我们的分析能够很好地再现特殊情况下简化模型的数值模拟结果。另一方面,它也表明模型的复杂性在于,幸运事件转化为具有异质率的资本增加,这对乘法过程在产生财富不平等中的作用进行了非平凡的概括,其完全一般情况仍然不适合分析计算。我们的分析能够很好地再现特殊情况下简化模型的数值模拟结果。另一方面,它也表明模型的复杂性在于,幸运事件转化为具有异质率的资本增加,这对乘法过程在产生财富不平等中的作用进行了非平凡的概括,其完全一般情况仍然不适合分析计算。
更新日期:2020-06-03
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