From https://www.tpc.org/tpcb/, a TPC-B workload that pgbench runs by default:
In August 1990, the TPC approved its second benchmark, TPC-B. In contrast to TPC-A, TPC-B is not an OLTP benchmark. Rather, TPC-B can be looked at as a database stress test, characterized by:
Significant disk input/output
Moderate system and application execution time
Transaction integrity
TPC-B measures throughput in terms of how many transactions per second a system can perform. Because there are substantial differences between the two benchmarks (OLTP vs. database stress test), TPC-B results cannot be compared to TPC-A.
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Transactions are submitted by programs all executing concurrently.