Articlegreen1977

A new model of personal income distribution : specification and estimation

236 citations0/0 files storedÉconomie appliquée

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Income, Poverty, and Inequality Statistical Distribution Estimation and Applications Complex Systems and Time Series Analysis

Abstract

The research deduces a new model of income distribution by size from a set of elementary assumptions. Its main properties are analyzed and five methods of parameter estimation are proposed. The mathematical form of the Lorenz curve and the Gini concentration ratio associated with the specified model are also deduced. The model is fitted to the observed income distributions of four very dissimilar countries : Argentina, Canada, Sri Lanka and the USA. The fits obtained for the USA in 1960 and in 1969 are compared with those obtained using the lognormal, the gamma and the Singh-Maddala models, working with the sum of squares of deviations and the bounds for the Gini concentration ratio proposed by Gastwirth. In conclusion, the specified model fared better than the others for almost all of the fourteen properties introduced in this paper.

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2008Modeling Income Distributions and Lorenz Curves 2008A Guide to the Dagum Distributions 1999An ordered family of Lorenz curves 2005The Inequality Process as a wealth maximizing process 2000A new method to estimate the level and distribution of household human capital with application 2009Statistical Modeling of Temporal Dependence in Financial Data via a Copula Function 2005Symmetry and other transformation features of Lorenz/Leimkuhler representations of informetric data 1999Linking the Functional and Personal Distributions of Income

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