A Model of Wealth Distribution
财富分布模型
The paper presents a model of wealth distribution that makes use of Gibrat's law of proportionate effect to explain the way wealth is distributed and how the distribution changes over time. The stochastic factor in each period is shown to be the result of deliberate choices by individual decision makers regarding their savings, investment, and bequests, given their inherited wealth and natural ability. The source of randomness is two-fold: uncertainty about the rates of…