k-Generalized Statistics in Personal Income Distribution

Physics – Physics and Society

Scientific paper

Rate now

  [ 0.00 ] – not rated yet Voters 0   Comments 0

Details

Latex2e v1.6; 14 pages with 12 figures; for inclusion in the APFA5 Proceedings

Scientific paper

10.1140/epjb/e2007-00120-9

Starting from the generalized exponential function $\exp_{\kappa}(x)=(\sqrt{1+\kappa^{2}x^{2}}+\kappa x)^{1/\kappa}$, with $\exp_{0}(x)=\exp(x)$, proposed in Ref. [G. Kaniadakis, Physica A \textbf{296}, 405 (2001)], the survival function $P_{>}(x)=\exp_{\kappa}(-\beta x^{\alpha})$, where $x\in\mathbf{R}^{+}$, $\alpha,\beta>0$, and $\kappa\in[0,1)$, is considered in order to analyze the data on personal income distribution for Germany, Italy, and the United Kingdom. The above defined distribution is a continuous one-parameter deformation of the stretched exponential function $P_{>}^{0}(x)=\exp(-\beta x^{\alpha})$\textemdash to which reduces as $\kappa$ approaches zero\textemdash behaving in very different way in the $x\to0$ and $x\to\infty$ regions. Its bulk is very close to the stretched exponential one, whereas its tail decays following the power-law $P_{>}(x)\sim(2\beta\kappa)^{-1/\kappa}x^{-\alpha/\kappa}$. This makes the $\kappa$-generalized function particularly suitable to describe simultaneously the income distribution among both the richest part and the vast majority of the population, generally fitting different curves. An excellent agreement is found between our theoretical model and the observational data on personal income over their entire range.

No associations

LandOfFree

Say what you really think

Search LandOfFree.com for scientists and scientific papers. Rate them and share your experience with other people.

Rating

k-Generalized Statistics in Personal Income Distribution does not yet have a rating. At this time, there are no reviews or comments for this scientific paper.

If you have personal experience with k-Generalized Statistics in Personal Income Distribution, we encourage you to share that experience with our LandOfFree.com community. Your opinion is very important and k-Generalized Statistics in Personal Income Distribution will most certainly appreciate the feedback.

Rate now

     

Profile ID: LFWR-SCP-O-33604

  Search
All data on this website is collected from public sources. Our data reflects the most accurate information available at the time of publication.