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Investigating the distribution of personal income obtained from the recent U.S. data

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  • Newby, Michael
  • Behr, Adam
  • Feizabadi, Mitra Shojania
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    Abstract

    This study considered the conservation of money in a closed economic system. In such system, the probability distribution of money is exponential, and similar to the Boltzmann-Gibbs function in a closed energy system. The theoretical concept of econophysics is compared here with empirical data. The current work analyzes the recent data with regard to personal income distribution obtained from United States Census Bureau for the years 2006, 2007 and 2008. The data was best fitted with the exponential function, which supports the theoretical assumption for the income of the majority of the population. This study also investigates this distribution for a population with high personal income.

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    Bibliographic Info

    Article provided by Elsevier in its journal Economic Modelling.

    Volume (Year): 28 (2011)
    Issue (Month): 3 (May)
    Pages: 1170-1173

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    Handle: RePEc:eee:ecmode:v:28:y:2011:i:3:p:1170-1173

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    Web page: http://www.elsevier.com/locate/inca/30411

    Related research

    Keywords: Econophysics Income distribution United States;

    References

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    1. Adrian Dragulescu & Victor M. Yakovenko, 2001. "Exponential and power-law probability distributions of wealth and income in the United Kingdom and the United States," Papers cond-mat/0103544, arXiv.org, revised Mar 2001.
    2. N. Ding & N. Xi & Y. Wang, 2003. "Effects of saving and spending patterns on holding time distribution," The European Physical Journal B - Condensed Matter and Complex Systems, Springer, vol. 36(1), pages 149-153, November.
    3. Adrian Dragulescu & Victor M. Yakovenko, 2000. "Statistical mechanics of money," Papers cond-mat/0001432, arXiv.org, revised Aug 2000.
    4. Xi, Ning & Ding, Ning & Wang, Yougui, 2005. "How required reserve ratio affects distribution and velocity of money," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 357(3), pages 543-555.
    5. Das, Arnab & Yarlagadda, Sudhakar, 2005. "An analytic treatment of the Gibbs–Pareto behavior in wealth distribution," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 353(C), pages 529-538.
    6. Banerjee, Anand & Yakovenko, Victor M. & Di Matteo, T., 2006. "A study of the personal income distribution in Australia," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 370(1), pages 54-59.
    7. Anand Banerjee & Victor M. Yakovenko & T. Di Matteo, 2006. "A study of the personal income distribution in Australia," Papers physics/0601176, arXiv.org.
    8. Anand Banerjee & Victor M. Yakovenko, 2009. "Universal patterns of inequality," Papers 0912.4898, arXiv.org, revised Apr 2010.
    9. Per Bak & Simon F. Norrelykke & Martin Shubik, 1998. "The Dynamics of Money," Papers cond-mat/9811094, arXiv.org, revised May 1999.
    10. Bouchaud, Jean-Philippe & Mézard, Marc, 2000. "Wealth condensation in a simple model of economy," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 282(3), pages 536-545.
    11. Victor M. Yakovenko & J. Barkley Rosser, 2009. "Colloquium: Statistical mechanics of money, wealth, and income," Papers 0905.1518, arXiv.org, revised Dec 2009.
    12. Drăgulescu, Adrian & Yakovenko, Victor M., 2001. "Exponential and power-law probability distributions of wealth and income in the United Kingdom and the United States," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 299(1), pages 213-221.
    13. repec:sfi:sfiwpa:500026 is not listed on IDEAS
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    Cited by:
    1. Huang, Jing & Wang, Yougui, 2014. "The time-dependent characteristics of relative mobility," Economic Modelling, Elsevier, vol. 37(C), pages 291-295.

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