Convergence of stationary distributions for a class of zero-range processes and its application to a wealth distribution model with debt

Source abstract

Understanding how macroscopic wealth distributions emerge from microscopic transaction rules among agents is a central problem in econophysics. While many traditional models restrict agents' wealth to non-negative values, debt is an essential feature of realistic economic systems. In this paper, we introduce a stochastic transaction mechanism into the agent-based model with a central-bank-mediated collective debt limit, as studied in [14]. In our model, each agent probabilistically determines whether to transfer a coin, depending on their current asset or debt level. From a probabilistic perspective, the resulting system can be formulated as a zero-range process with $\mathbb{Z}$-valued site occupation numbers, where negative values represent debt. We prove that, under an appropriate scaling, the wealth distribution in the stationary state converges to either a two-sided Gamma distribution or a Gamma distribution, depending on the asymptotic behavior of the function governing coin transfers. Our results rigorously identify these previously unconsidered limiting distributions and provide a mathematical framework for understanding how stochastic monetary exchanges give rise to macroscopic wealth distributions.