Before revision: The Extended Yard-Sale Model of asset exchange is an agent-based economic model with binary transactions, and simple models of redistribution and Wealth-Attained Advantage. As recently shown, the model exhibits a second-order phase transition to a coexistence regime with partial wealth condensation. The evolution of its wealth distribution is described by a nonlinear, nonlocal Fokker-Planck equation.
After revision: The Extended Yard-Sale Model of asset exchange is an agent-based , binary-transaction Asset-Exchange Model (AEM) for wealth distribution that allows for agents with negative wealth. This model retains certain features of prior AEMs such as redistribution and wealth-attained advantage, but it also allows for shifts as well as scalings of the agent density function. We derive the Fokker-Planck equation.