On Pareto theory of circulation of elites
classification
💱 q-fin.GN
econ.GNq-fin.EC
keywords
circulationelitesparetotheoryanimalbettingcausecriterion
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We prove that Pareto theory of circulation of elites results from our wealth evolution model, Kelly criterion for optimal betting and Keynes' observation of "animal spirits" that drive the economy and cause that human financial decisions are prone to excess risk-taking.
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