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Overview
In this project, we simulate the inequality process via random transactions with certain transaction functions and restrictions within a population, trying to observe the pattern of the distribution of wealth across the society.
Results
You may access our GitHub source code here. The demonstration of animations of histograms and distribution fitting in our simulation can be found on this demo page. Our presentation slides can be found here. Our technical report is titled Inequality Process Simulation.
Conclusions
With a real-world economy simulation, we find that the distribution of wealth fits the gamma distribution and the beta prime distribution, agreeing with the research results on real-world economic systems. Moreover, by adjusting the bias towards the richer party, the layers of the society, and the tax policy, we find that a higher bias towards the rich leads to much inequality. Also, the more layers, the more equal the wealth distribution. Finally, a reasonable tax policy can also lead to less inequality.