Description

ComPADRE Digital Library Abstract:

The EjsS Asset Exchange Model Package contains JavaScript models to investigate the 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 looses 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 wA 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 looses 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? 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.

Subject:

Mathematics, Physics

Level:

High School, Community College / Lower Division, College / Upper Division, Graduate / Professional, Career / Technical, Adult Education

Material Type:

Full Course, Interactive

Author:

Harvey Gould, Jan Tobochnik, Wolfgang Christian

Provider:

ComPADRE Digital Library

Provider Set:

ComPADRE: Resources for Physics and Astronomy Education

Date Added:

08/28/2014