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Models for Income based on Bivariate Pareto Distributions

Author

Listed:
  • Saralees Nadarajah

    (University of Manchester and George Washington University)

  • Samuel Kotz

    (University of Manchester and George Washington University)

Abstract

It is shown that the total amount of income earned during a reference period can be expressed as the products of components of bivariate Pareto distributions. The exact distribution of the total amount of income P = XY and the corresponding moment properties are derived when (X, Y ) follows three of the most commonly known bivariate Pareto distributions. The expressions turn out to involve special functions.

Suggested Citation

  • Saralees Nadarajah & Samuel Kotz, 2006. "Models for Income based on Bivariate Pareto Distributions," Journal of Income Distribution, Ad libros publications inc., vol. 15(I), pages 78-89, December.
    • Handle: RePEc:jid:journl:y:2006:v:15:i:i:p:78-89
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