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dc.contributor.authorBiondi, Yuri
dc.contributor.authorOlla, Stefano
dc.date.accessioned2020-03-20T13:12:29Z
dc.date.available2020-03-20T13:12:29Z
dc.date.issued2020
dc.identifier.issn1860-711X
dc.identifier.urihttps://basepub.dauphine.fr/handle/123456789/20588
dc.language.isoenen
dc.subjectInequality
dc.subjectEconomic process
dc.subjectCompound return
dc.subjectSimple return
dc.subjectMinimal institution
dc.subject.ddc306.3en
dc.titleFinancial accumulation implies ever-increasing wealth inequality
dc.typeArticle accepté pour publication ou publié
dc.description.abstractenWealth inequality is an important matter for economic theory and policy. The recent rise in wealth inequality has been discussed in connection with the recent development of active global financial markets. The existing literature on wealth distribution links wealth inequality to a variety of drivers. Our approach develops a minimalist modelling strategy that combines three featuring mechanisms: active financial markets, individual wealth accumulation and compound interest structure. We provide mathematical proof that accumulated financial investment returns involve ever-increasing wealth concentration and inequality across individual investors most of the time. This cumulative effect over space and time depends on financial accumulation processes, including under efficient financial markets, which generate a fair investment game that individual investors repeatedly play through time.
dc.relation.isversionofjnlnameJournal of Economic Interaction and Coordination
dc.relation.isversionofjnlvol15
dc.relation.isversionofjnldate2020
dc.relation.isversionofjnlpages943–951
dc.relation.isversionofdoi10.1007/s11403-020-00281-7
dc.relation.isversionofjnlpublisherSpringer
dc.subject.ddclabelSociologie économiqueen
dc.relation.forthcomingnonen
dc.relation.forthcomingprintnonen
dc.description.ssrncandidatenon
dc.description.halcandidateoui
dc.description.readershiprecherche
dc.description.audienceInternational
dc.relation.Isversionofjnlpeerreviewedoui
dc.date.updated2020-09-14T10:14:34Z
hal.person.labIds184082
hal.person.labIds153822
hal.faultCode{"duplicate-entry":{"hal-02888038":{"doi":"1.0"}}}


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