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Asset Exchange Model Package
written by Wolfgang Christian, Jan Tobochnik, and Harvey Gould
The EjsS Asset Exchange Model Package contains JavaScript models to investigate the transfer of wealth in a simple economic model consisting of N buyers and sellers, known as agents, who spend their time buying and selling goods at a yard sale. In this economic model, two agents A and B are chosen at random and goods are exchanged. If the price of the item is correct, neither agent gains or loses wealth but this is uninteresting and unrealistic. In a realistic transaction an agent can either pay too much or get a bargain so that one agent becomes slightly richer while the other agent becomes poorer. What happens to the wealth of agent A if this process is repeated many times and if we assume that the agent receiving the bargain is chosen at random so that sometimes agent A gains and sometimes agent A loses in the transaction. In other words, neither agent is always shrewd or always gullible so that all agents have an equal chance of getting rich. Does this model produce an equitable distribution of wealth?

This item is also available as an AAPT/ComPADRE book and in Apple iTunes. The supplemental documents section has a download link for an ePub 3 book.

The EjsS Asset Exchange Model Package was developed using the Easy Java/JavaScript Simulations (EjsS) version 5 authoring tool.  Although EjsS is a Java program, it can create stand alone JavaScript programs that run in almost any PC or tablet.
1 source code document is available
Subjects Levels Resource Types
Mathematical Tools
- Probability
- Statistics
Thermo & Stat Mech
- Probability
= Random Walks
- Statistical Physics
- Upper Undergraduate
- High School
- Lower Undergraduate
- Informal Education
- Instructional Material
= Interactive Simulation
Intended Users Formats Ratings
- Learners
- Researchers
- Educators
- General Publics
- application/javascript
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Access Rights:
Free access
License:
This material is released under a Creative Commons Attribution-Noncommercial-Share Alike 3.0 license.
Rights Holder:
Wolfgang Christian
Keyword:
econophysics
Record Cloner:
Metadata instance created August 28, 2014 by Wolfgang Christian
Record Updated:
April 5, 2017 by Caroline Hall
Last Update
when Cataloged:
August 29, 2014
ComPADRE is beta testing Citation Styles!

Record Link
AIP Format
W. Christian, J. Tobochnik, and H. Gould, Computer Program ASSET EXCHANGE MODEL PACKAGE (2014), WWW Document, (http://www.compadre.org/Repository/document/ServeFile.cfm?ID=13337&DocID=3901).
AJP/PRST-PER
W. Christian, J. Tobochnik, and H. Gould, Computer Program ASSET EXCHANGE MODEL PACKAGE (2014), <http://www.compadre.org/Repository/document/ServeFile.cfm?ID=13337&DocID=3901>.
APA Format
Christian, W., Tobochnik, J., & Gould, H. (2014). Asset Exchange Model Package [Computer software]. Retrieved August 22, 2017, from http://www.compadre.org/Repository/document/ServeFile.cfm?ID=13337&DocID=3901
Chicago Format
Christian, W, J. Tobochnik, and H. Gould. "Asset Exchange Model Package." http://www.compadre.org/Repository/document/ServeFile.cfm?ID=13337&DocID=3901 (accessed 22 August 2017).
MLA Format
Christian, Wolfgang, Jan Tobochnik, and Harvey Gould. Asset Exchange Model Package. Computer software. 2014. 22 Aug. 2017 <http://www.compadre.org/Repository/document/ServeFile.cfm?ID=13337&DocID=3901>.
BibTeX Export Format
@misc{ Author = "Wolfgang Christian and Jan Tobochnik and Harvey Gould", Title = {Asset Exchange Model Package}, Month = {August}, Year = {2014} }
Refer Export Format

%A Wolfgang Christian
%A Jan Tobochnik
%A Harvey Gould
%T Asset Exchange Model Package
%D August 29, 2014
%U http://www.compadre.org/Repository/document/ServeFile.cfm?ID=13337&DocID=3901
%O application/javascript

EndNote Export Format

%0 Computer Program
%A Christian, Wolfgang
%A Tobochnik, Jan
%A Gould, Harvey
%D August 29, 2014
%T Asset Exchange Model Package
%8 August 29, 2014
%U http://www.compadre.org/Repository/document/ServeFile.cfm?ID=13337&DocID=3901


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Citation Source Information

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Asset Exchange Model Package:

Is Based On Easy Java Simulations Modeling and Authoring Tool

Use the Easy Java Simulations Modeling and Authoring Tool to edit and to explore the source code for the Asset Exchange Model Package.

relation by Wolfgang Christian
Contains Modeling Wealth Inequality Word Press Implementation

A Word Press site that uses the Modeling Wealth simulations.

relation by Wolfgang Christian

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