American baby-losers? Robust indirect comparison of affluence across generations
AbstractWe propose an indirect and robust method to detect a change in the concentration of economic affluence defined as an aggregate measure of the command over lifetime resources when the full stream of income receipts along the life cycle is unknown and only consumption surveys are available. The method relies on a new stochastic ordering, the “Generalized Top Lorenz” and the key-property of concavity of consumption with respect to wealth. Our application on US data for the period 1980-2002 shows a moderate increase in economic affluence and points out the di¢ cult start in life of people belonging to the "Baby loser generation" (people born in the sixties).
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Bibliographic InfoPaper provided by ECINEQ, Society for the Study of Economic Inequality in its series Working Papers with number 133.
Length: 22 pages
Date of creation: 2009
Date of revision:
concavity; wealth; dominance orderings; consumption.;
Find related papers by JEL classification:
- D31 - Microeconomics - - Distribution - - - Personal Income and Wealth Distribution
- D63 - Microeconomics - - Welfare Economics - - - Equity, Justice, Inequality, and Other Normative Criteria and Measurement
- D91 - Microeconomics - - Intertemporal Choice - - - Intertemporal Household Choice; Life Cycle Models and Saving
This paper has been announced in the following NEP Reports:
- NEP-ALL-2009-09-11 (All new papers)
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- Andreas Peichl & Nico Pestel, 2010.
"Multidimensional Measurement of Richness: Theory and an Application to Germany,"
SOEPpapers on Multidisciplinary Panel Data Research
295, DIW Berlin, The German Socio-Economic Panel (SOEP).
- Peichl, Andreas & Pestel, Nico, 2010. "Multidimensional Measurement of Richness: Theory and an Application to Germany," IZA Discussion Papers 4825, Institute for the Study of Labor (IZA).
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