Tootfinder

Simulation of a generalized asset exchange model with investment and income mechanisms
Jan Tobochnik, Harvey Gould, William Klein
https://arxiv.org/abs/2508.05810 https://

Simulation of a generalized asset exchange model with investment and income mechanisms
An agent-based model of the economy is generalized to incorporate investment and guaranteed income mechanisms in addition to the exchange and distribution mechanisms considered in earlier models. We find realistic wealth distributions and realistic values of the Gini coefficients and the Pareto index. We also show that although the system reaches a steady state, the system is not in thermal equilibrium. The nonequilibrium behavior is associated with the multiplicative noise generated by the inv…

Rational Bubbles on Dividend-Paying Assets: A Comment on Tirole (1985)
Ngoc-Sang Pham, Alexis Akira Toda
https://arxiv.org/abs/2507.12477 https://

Rational Bubbles on Dividend-Paying Assets: A Comment on Tirole (1985)
Tirole (1985) studied an overlapping generations model with capital accumulation and showed that the emergence of asset bubbles solves the capital over-accumulation problem. His Proposition 1(c) claims that if the dividend growth rate is above the bubbleless interest rate (the steady-state interest rate in the Diamond economy without bubbles) but below the population growth rate, then bubbles are necessary in the sense that there exists no bubbleless equilibrium but there exists a unique bubbly…