Distribution of Personal Income: Development of a New Model and Its Application to U.S. Income Data
This paper proposes a four-parameter statistical model of the personalized distribution of income using the "income share elasticity" approach suggested by Esteban (1986). Our proposed model includes the Singh-Maddala (1976) and Dagum (1977) distributions as special cases. The generalized beta II distribution of McDonald (1984) is also a variant of this model. It appears to give an excellent fit to U.S. income data and its empirical performance turns out to be superior to those of the Singh-Maddala (1953) distributions and the generalized beta II distribution of McDonald (1984) on some data. Copyright 1990 by John Wiley & Sons, Ltd.
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Volume (Year): 5 (1990)
Issue (Month): 2 (April-June)
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