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Distribution of Personal Income: Development of a New Model and Its Application to U.S. Income Data

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  • Majumder, Amita
  • Chakravarty, Satya Ranjan

Abstract

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.

Suggested Citation

  • Majumder, Amita & Chakravarty, Satya Ranjan, 1990. "Distribution of Personal Income: Development of a New Model and Its Application to U.S. Income Data," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 5(2), pages 189-196, April-Jun.
  • Handle: RePEc:jae:japmet:v:5:y:1990:i:2:p:189-96
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