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Skewness and Kurtosis Properties of Income Distribution Models

Listed author(s):
  • James McDonald

    ()

  • Patrick A. Turley

    ()

  • Jeff Sorensen

    ()

Registered author(s):

    This paper explores the ability of some popular income distributions to model observed skewness and kurtosis. We present the generalized beta type 1 (GB1) and type 2 (GB2) distributions’ skewness-kurtosis spaces and clarify and expand on previously known results on other distributions’ skewness-kurtosis spaces. Data from the Luxembourg Income Study are used to estimate sample moments and explore the ability of the generalized gamma, Dagum, Singh-Maddala, beta of the first kind, beta of the second kind, GB1, and GB2 distributions to accommodate the skewness and kurtosis values. The GB2 has the flexibility to accurately describe the observed skewness and kurtosis.

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    File URL: http://www.lisdatacenter.org/wps/liswps/569.pdf
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    Paper provided by LIS Cross-National Data Center in Luxembourg in its series LIS Working papers with number 569.

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    Length: 32 pages
    Date of creation: Sep 2011
    Publication status: Published in The Review of Income and Wealth 59, no. 2 (2013): 360–374
    Handle: RePEc:lis:liswps:569
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    1. McDonald, James B, 1984. "Some Generalized Functions for the Size Distribution of Income," Econometrica, Econometric Society, vol. 52(3), pages 647-663, May.
    2. Erich Battistin & Richard Blundell & Arthur Lewbel, 2009. "Why Is Consumption More Log Normal than Income? Gibrat's Law Revisited," Journal of Political Economy, University of Chicago Press, vol. 117(6), pages 1140-1154, December.
    3. Thurow, Lester C, 1970. "Analyzing the American Income Distribution," American Economic Review, American Economic Association, vol. 60(2), pages 261-269, May.
    4. Gastwirth, Joseph L, 1972. "The Estimation of the Lorenz Curve and Gini Index," The Review of Economics and Statistics, MIT Press, vol. 54(3), pages 306-316, August.
    5. Singh, S K & Maddala, G S, 1976. "A Function for Size Distribution of Incomes," Econometrica, Econometric Society, vol. 44(5), pages 963-970, September.
    6. McDonald, James B. & Ransom, Michael R., 1981. "An analysis of the bounds for the Gini coefficient," Journal of Econometrics, Elsevier, vol. 17(2), pages 177-188, November.
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