-generalized statistics in personal income distribution

DOI10.1140/EPJB/E2007-00120-9zbMATH Open1189.91141arXivphysics/0607293OpenAlexW2129361667MaRDI QIDQ978816FDOQ978816

Authors: Fabio Clementi, Mauro Gallegati, G. Kaniadakis 

Publication date: 25 June 2010

Published in: The European Physical Journal B. Condensed Matter and Complex Systems (Search for Journal in Brave)

Abstract: Starting from the generalized exponential function $ex{p}_{kappa}(x)=(sqrt1+kapp{a}^2{x}^2+kappax{)}^{1/kappa}$, with $ex{p}_0(x)=exp(x)$, proposed in Ref. [G. Kaniadakis, Physica A extbf{296}, 405 (2001)], the survival function $$, where $xinmathbf{R}^{+}$, $$, and $kappain[0,1)$, is considered in order to analyze the data on personal income distribution for Germany, Italy, and the United Kingdom. The above defined distribution is a continuous one-parameter deformation of the stretched exponential function $$ extemdash to which reduces as $kappa$ approaches zero extemdash behaving in very different way in the $xo0$ and $xoinfty$ regions. Its bulk is very close to the stretched exponential one, whereas its tail decays following the power-law $$. This makes the $kappa$-generalized function particularly suitable to describe simultaneously the income distribution among both the richest part and the vast majority of the population, generally fitting different curves. An excellent agreement is found between our theoretical model and the observational data on personal income over their entire range.

Full work available at URL: https://arxiv.org/abs/physics/0607293

Recommendations

• A new model of income distribution: the \(\kappa \)-generalized distribution
• The distribution of income and wealth. Parametric modeling with the \(\kappa\)-generalized family
• The Generalized Beta Distribution as a Model for the Distribution of Income: Estimation of Related Measures of Inequality
• A family of generalized beta distributions for income
• Measures of inequality and social welfare from the generalized lambda distribution
• A new \(\kappa\)-deformed parametric model for the size distribution of wealth
• A characterization of income distributions in terms of generalized Gini coefficients
• Estimating Income Distributions Using a Mixture of Gamma Densities
• Some Generalized Functions for the Size Distribution of Income

Mathematics Subject Classification ID

Reliability and life testing (62N05) Applications of statistics to economics (62P20) Statistical methods; economic indices and measures (91B82) Numerical methods (including Monte Carlo methods) (91G60)

Cites Work

• Statistical Size Distributions in Economics and Actuarial Sciences
• A globally convergent method for nonlinear programming
• Critical phenomena in natural sciences. Chaos, fractals, selforganization and disorder: concepts and tools
• Non-linear kinetics underlying generalized statistics
• H-theorem and generalized entropies within the framework of nonlinear kinetics
• Title not available (Why is that?)
• Exponential and power-law probability distributions of wealth and income in the United Kingdom and the United States
• On 1/ f noise and other distributions with long tails
• Title not available (Why is that?)
• Title not available (Why is that?)
• Constrained maximum likelihood

Cited In (16)

• Deformed exponentials and applications to finance
• Theoretical foundations and mathematical formalism of the power-law tailed statistical distributions
• Power-law tailed statistical distributions and Lorentz transformations
• A new model of income distribution: the \(\kappa \)-generalized distribution
• Mathematical modeling of probability distribution of money by means of potential formation
• A maximum (non-extensive) entropy approach to equity options bid-ask spread
• Dust charging current in non equilibrium dusty plasma in the context of Kaniadakis generalization
• The minimal \(\kappa \)-entropy martingale measure
• Physical origin of the power-law tailed statistical distributions
• Oscillations in the Tsallis income distribution
• A generalized statistical model for the size distribution of wealth
• Scaling in income inequalities and its dynamical origin
• Newton's cooling law in generalised statistical mechanics
• How the gamma law of income distribution appears invariant under aggregation*
• A new Pareto-type distribution with applications in reliability and income data
• Thermodynamic properties of the blackbody radiation: a Kaniadakis approach

This page was built for publication: \(\kappa \)-generalized statistics in personal income distribution

Report a bug (only for logged in users!)Click here to report a bug for this page (MaRDI item Q978816)