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A New Continuous Distribution and Two New Families of Distributions Based on the Exponential

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Author Info
Guillermina Jasso () (New York University and IZA)
Samuel Kotz () (George Washington University)

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Abstract

Recent work on social status led to derivation of a new continuous distribution based on the exponential. The new variate, termed the ring(2)-exponential, in turn leads to derivation of two closely-related new families of continuous distributions, which we call the mirrorexponential and the ring-exponential. Both the standard exponential and the ring(2)- exponential are special cases of both the new families. In this paper, we first focus on the ring(2)-exponential, describing its derivation and examining its properties, and next introduce the two new families, describing their derivation and initiating exploration of their properties. The mirror-exponential arises naturally in the study of status; the ring-exponential arises from the mathematical structure of the ring(2)-exponential. Both have potential for broad application in diverse contexts across science and engineering, including the physical and social sciences as well as finance, information processing, and communication. Within sociobehavioral contexts, the new mirror-exponential may have application to the problem of approximating the form and inequality of the wage distribution.

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Publisher Info
Paper provided by Institute for the Study of Labor (IZA) in its series IZA Discussion Papers with number 2598.

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Length: 40 pages
Date of creation: Feb 2007
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Handle: RePEc:iza:izadps:dp2598

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Related research
Keywords: continuous univariate distributions Erlang distribution general Erlang distribution gamma distribution general gamma distribution folded distributions Gini coefficient social status social inequality wage function wage distribution wage inequality

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Find related papers by JEL classification:
C02 - Mathematical and Quantitative Methods - - General - - - Mathematical Economics
C16 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods: General - - - Econometric and Statistical Methods; Specific Distributions
D31 - Microeconomics - - Distribution - - - Personal Income and Wealth Distribution
D6 - Microeconomics - - Welfare Economics
I3 - Health, Education, and Welfare - - Welfare and Poverty

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