A flexible descriptive model for the size distribution of incomes

There are four-parameter income distribution models that have good reputation for goodness-of-fit. In contrast, the existing models with five or more parameters fail to achieve a satisfactory level of goodness-of-fit. We propose a new seven-parameter model that is empirically shown to be substantially better fitted than the existing models by imposing an appropriate restriction on the parameter domain prior to the maximum likelihood estimation.

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Year of publication:	2014-07-25
Authors:	Okamoto, Masato
Published in:	Economics Bulletin. - AccessEcon, ISSN 1545-2921. - Vol. 34.2014, 3, p. 1600-1610
Publisher:	AccessEcon
Subject:	income distribution \| Lorenz curve \| mixture distribution \| model selection

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Extent:	application/pdf
Type of publication:	Article
Classification:	C4 - Econometric and Statistical Methods: Special Topics ; D6 - Welfare Economics
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10010835776