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American baby-losers? Robust indirect comparison of affluence across generations

  • Alessandra Michelangeli

    ()

    (University of Milan-Bicocca and Econpubblica-Bocconi University)

  • Eugenio Peluso

    ()

    (University of Verone)

  • Alain Trannoy

    ()

    (EHESS, IDEP-GREQAM)

We 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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File URL: http://www.ecineq.org/milano/WP/ECINEQ2009-133.pdf
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Paper provided by ECINEQ, Society for the Study of Economic Inequality in its series Working Papers with number 133.

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Length: 22 pages
Date of creation: 2009
Date of revision:
Handle: RePEc:inq:inqwps:ecineq2009-133
Contact details of provider: Web page: http://www.ecineq.org
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