Wealth exchange and decision-making psychology in epidemic dynamics

Lingling Wang; Miao Liu; Shaoyong Lai; Lingling Wang; Miao Liu; Shaoyong Lai

doi:10.3934/mbe.2023431

Mathematical Biosciences and Engineering

2023, Volume 20, Issue 6: 9839-9860. doi: 10.3934/mbe.2023431

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Research article

Wealth exchange and decision-making psychology in epidemic dynamics

1.
School of Mathematics and Statistics, Yili Normal University, Yining 835000, China
2.
School of Mathematics, Southwestern University of Finance and Economics, Chengdu 611130, China

Academic Editor: Piero Manfredi

Received: 23 December 2022 Revised: 11 March 2023 Accepted: 21 March 2023 Published: 24 March 2023

A binary wealth exchange mechanism, which involves the influence of the epidemic environment and agents' psychology on trading decisions, is introduced to discuss the wealth distribution of agents under the background of an epidemic. We find that the trading psychology of agents may affect wealth distribution and make the tail of the steady-state wealth distribution slimmer. The steady-state wealth distribution displays a bimodal shape under appropriate parameters. Our results suggest that government control measures are essential to curb the spread of epidemics, and vaccination may help to improve the economy, while contact control measures may aggravate wealth inequality.
- wealth distribution,
- dynamic equations,
- epidemic control,
- prospect theory,
- vaccination
Citation: Lingling Wang, Miao Liu, Shaoyong Lai. Wealth exchange and decision-making psychology in epidemic dynamics[J]. Mathematical Biosciences and Engineering, 2023, 20(6): 9839-9860. doi: 10.3934/mbe.2023431

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Abstract

A binary wealth exchange mechanism, which involves the influence of the epidemic environment and agents' psychology on trading decisions, is introduced to discuss the wealth distribution of agents under the background of an epidemic. We find that the trading psychology of agents may affect wealth distribution and make the tail of the steady-state wealth distribution slimmer. The steady-state wealth distribution displays a bimodal shape under appropriate parameters. Our results suggest that government control measures are essential to curb the spread of epidemics, and vaccination may help to improve the economy, while contact control measures may aggravate wealth inequality.

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