Skewed Wealth Distributions: Theory and Empirics

Skewed Wealth Distributions: Theory and Empirics

Invariably across a cross-section of countries and time periods, wealth distributions are skewed to the right displaying thick upper tails, that is, large and slowly declining top wealth shares. In this survey we categorize the theoretical studies on the distribution of wealth in terms of the underlying economic mechanisms generating skewness and thick tails. Further, we show how these mechanis...

Skewed Parton Distributions ∗

Applications of perturbative QCD to deeply virtual Compton scattering and hard exclusive electroproduction processes require a generalization of usual parton distributions for the case when long-distance information is accumulated in nonforward matrix elements of quark and gluon light-cone operators. We describe two types of nonperturbative functions parametrizing such matrix elements: double d...

Market Microstructure: Theory and Empirics

This paper reviews the literature on market microstructure. Particular emphasis is given to the research dealing with the impact that a speci c trading mechanism might have on price behaviour and with the comparison of the performance of alternative market structures. Theoretical models and empirical studies investigating their implications are explored. The major statistical properties and reg...

Social Interactions: Theory and Empirics

Strategy-based wealth distributions

We explore a simple game-theoretical betting model where players’ bets influence the outcome of a probabilistic game. We find that the dynamics and equilibrium results for these games are quite simple, but the transitory distribution of wealth is interesting. Most econophysics models of wealth distribution use random exchanges. In our model, in contrast, skill accounts for a majority of the wea...