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- W4317233416 abstract "This paper builds a stochastic complex economic system with financial markets. We not only solve the closed-form solution of heterogeneous agent's consumption with the quadratic utility but also release the constraint of the equilibrium condition between aggregated wealth and aggregated investment weights. We simulate the system by High Performance Computing and achieve the wealth inequality parallel evolution satisfying the premise of social welfare, agent's utilities, and Total Factor Productivity to be endogenously optimal. The results show the financial structure, labor force's welfare and risk aversion of consumption are significant determinants of wealth inequality. More specifically, there is an approximate “smile” relationship between the equity financing fraction and the wealth inequality at each stage. The overloading or shortage of equity financing could further accelerate wealth inequality. Finally, our results suggest that the trend of wealth inequality cannot be stopped but only slowed." @default.
- W4317233416 created "2023-01-18" @default.
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- W4317233416 date "2023-05-01" @default.
- W4317233416 modified "2023-10-14" @default.
- W4317233416 title "Is wealth inequality reversible? A surveying parallel evolution with complex economic system" @default.
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- W4317233416 doi "https://doi.org/10.1016/j.frl.2023.103647" @default.
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