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Using the interplay among three simple exchange games, one may give a satisfactory representation of a conservative economic system where total wealth and number of agents do not change in time. With these games it is possible to investigate the emergence of statistical equilibrium in a simple pure-exchange environment. The exchange dynamics is composed of three mechanisms: a decentralized interaction, which mimics the pair-wise exchange of wealth between two economic agents, a failure mechanism, which takes into account occasional failures of agents and includes wealth redistribution favoring righer agents, and a centralized mechanism, which describes the result of a redistributive effort. According to the interplay between these three mechanisms, their relative strength, as well as the details of redistribution, different outcomes are possible. (English) |
