Inheritances, social classes, and wealth distribution

We consider a simple theoretical model to investigate the impact of inheritances on the wealth distribution. Wealth is described as a finite resource, which remains constant over different generations and is divided equally among offspring. All other sources of wealth are neglected. We consider diff...

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Autores principales:	Pedro Patrício, Nuno A. M. Araújo
Formato:	article
Lenguaje:	EN
Publicado:	Public Library of Science (PLoS) 2021
Materias:	Medicine R Science Q
Acceso en línea:	https://doaj.org/article/3c8cc37e40154ce1a98aabc2d7708034
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spelling	oai:doaj.org-article:3c8cc37e40154ce1a98aabc2d77080342021-11-04T06:49:45ZInheritances, social classes, and wealth distribution1932-6203https://doaj.org/article/3c8cc37e40154ce1a98aabc2d77080342021-01-01T00:00:00Zhttps://www.ncbi.nlm.nih.gov/pmc/articles/PMC8550378/?tool=EBIhttps://doaj.org/toc/1932-6203We consider a simple theoretical model to investigate the impact of inheritances on the wealth distribution. Wealth is described as a finite resource, which remains constant over different generations and is divided equally among offspring. All other sources of wealth are neglected. We consider different societies characterized by a different offspring probability distribution. We find that, if the population remains constant, the society reaches a stationary wealth distribution. We show that inequality emerges every time the number of children per family is not always the same. For realistic offspring distributions from developed countries, the model predicts a Gini coefficient of G ≈ 0.3. If we divide the society into wealth classes and set the probability of getting married to depend on the distance between classes, the stationary wealth distribution crosses over from an exponential to a power-law regime as the number of wealth classes and the level of class distinction increase.Pedro PatrícioNuno A. M. AraújoPublic Library of Science (PLoS)articleMedicineRScienceQENPLoS ONE, Vol 16, Iss 10 (2021)
institution	DOAJ
collection	DOAJ
language	EN
topic	Medicine R Science Q
spellingShingle	Medicine R Science Q Pedro Patrício Nuno A. M. Araújo Inheritances, social classes, and wealth distribution
description	We consider a simple theoretical model to investigate the impact of inheritances on the wealth distribution. Wealth is described as a finite resource, which remains constant over different generations and is divided equally among offspring. All other sources of wealth are neglected. We consider different societies characterized by a different offspring probability distribution. We find that, if the population remains constant, the society reaches a stationary wealth distribution. We show that inequality emerges every time the number of children per family is not always the same. For realistic offspring distributions from developed countries, the model predicts a Gini coefficient of G ≈ 0.3. If we divide the society into wealth classes and set the probability of getting married to depend on the distance between classes, the stationary wealth distribution crosses over from an exponential to a power-law regime as the number of wealth classes and the level of class distinction increase.
format	article
author	Pedro Patrício Nuno A. M. Araújo
author_facet	Pedro Patrício Nuno A. M. Araújo
author_sort	Pedro Patrício
title	Inheritances, social classes, and wealth distribution
title_short	Inheritances, social classes, and wealth distribution
title_full	Inheritances, social classes, and wealth distribution
title_fullStr	Inheritances, social classes, and wealth distribution
title_full_unstemmed	Inheritances, social classes, and wealth distribution
title_sort	inheritances, social classes, and wealth distribution
publisher	Public Library of Science (PLoS)
publishDate	2021
url	https://doaj.org/article/3c8cc37e40154ce1a98aabc2d7708034
work_keys_str_mv	AT pedropatricio inheritancessocialclassesandwealthdistribution AT nunoamaraujo inheritancessocialclassesandwealthdistribution
_version_	1718445013041414144

Inheritances, social classes, and wealth distribution

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