A generalized statistical model for the size distribution of wealth
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Publication:3301310
DOI10.1088/1742-5468/2012/12/P12006zbMATH Open1456.91076arXiv1209.4787OpenAlexW1968586517MaRDI QIDQ3301310FDOQ3301310
Authors: Fabio Clementi, Mauro Gallegati, G. Kaniadakis 
Publication date: 11 August 2020
Published in: Journal of Statistical Mechanics: Theory and Experiment (Search for Journal in Brave)
Abstract: In a recent paper in this journal [J. Stat. Mech. (2009) P02037] we proposed a new, physically motivated, distribution function for modeling individual incomes having its roots in the framework of the k-generalized statistical mechanics. The performance of the k-generalized distribution was checked against real data on personal income for the United States in 2003. In this paper we extend our previous model so as to be able to account for the distribution of wealth. Probabilistic functions and inequality measures of this generalized model for wealth distribution are obtained in closed form. In order to check the validity of the proposed model, we analyze the U.S. household wealth distributions from 1984 to 2009 and conclude an excellent agreement with the data that is superior to any other model already known in the literature.
Full work available at URL: https://arxiv.org/abs/1209.4787
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Cited In (14)
- Distribution of wealth in a network model of the economy
- Modelling income data using two extensions of the exponential distribution
- Mathematical modeling of probability distribution of money by means of potential formation
- Statistical analysis of economic variables: a general model. Human capital, wealth, income and debit distributions
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