The k-generalized distribution: A new descriptive model for the size distribution of incomes

Details The k-generalized distribution: A new descriptive model for the size distribution of incomes The k-generalized distribution: A new descriptive model for the size distribution of incomes

2007-10-19

arxiv.org/abs/0710.3645v4

Physica A: Statistical Mechanics and its Applications, Vol: 387, Issue: 13, 15 May 2008, pp: 3201-3208

Economy

Quantitative Finance

General Finance

12 pages with 8 figures; LaTeX; introduction revised, added reference for section 1; accepted for publication in Physica A: St

Scientific paper

10.1016/j.physa.2008.01.109

This paper proposes the k-generalized distribution as a model for describing the distribution and dispersion of income within a population. Formulas for the shape, moments and standard tools for inequality measurement - such as the Lorenz curve and the Gini coefficient - are given. A method for parameter estimation is also discussed. The model is shown to fit extremely well the data on personal income distribution in Australia and the United States.

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