Investigating the distribution of personal income obtained from the recent U.S. data
AbstractThis 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.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.
Bibliographic InfoArticle provided by Elsevier in its journal Economic Modelling.
Volume (Year): 28 (2011)
Issue (Month): 3 (May)
Contact details of provider:
Web page: http://www.elsevier.com/locate/inca/30411
Econophysics Income distribution United States;
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- 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.
- Victor M. Yakovenko & J. Barkley Rosser, 2009. "Colloquium: Statistical mechanics of money, wealth, and income," Papers 0905.1518, arXiv.org, revised Dec 2009.
- Jean-Philippe Bouchaud & Marc Mezard, 2000. "Wealth condensation in a simple model of economy," Science & Finance (CFM) working paper archive 500026, Science & Finance, Capital Fund Management.
- Per Bak & Simon F. Norrelykke & Martin Shubik, 1998.
"The Dynamics of Money,"
Research in Economics
98-11-102e, Santa Fe Institute.
- 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.
- Anand Banerjee & Victor M. Yakovenko, 2009. "Universal patterns of inequality," Papers 0912.4898, arXiv.org, revised Apr 2010.
- 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.
- 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.
- Ning Ding & Ning Xi & Yougui Wang, 2005.
"Effects of Saving and Spending Patterns on Holding Time Distribution,"
- 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.
- Anand Banerjee & Victor M. Yakovenko & T. Di Matteo, 2006. "A study of the personal income distribution in Australia," Papers physics/0601176, arXiv.org.
- 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.
- Adrian Dragulescu & Victor M. Yakovenko, 2000. "Statistical mechanics of money," Papers cond-mat/0001432, arXiv.org, revised Aug 2000.
- 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.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Wendy Shamier).
If references are entirely missing, you can add them using this form.