We propose a simple single parameter functional form for the Lorenz curve. The underlying probability density function and cumulative density functions for the Lorenz curve are derived and are shown to have some useful properties. The proposed functional form is fitted to existing data sets and...

This paper studies the diversity of household consumption spending, i.e. how widely households distribute their spending across different types of goods. Using detailed expenditure data from the UK (1990 - 2015), we show that the diversity of household spending rises in income up to a certain...

We estimate the distribution of economic insecurity in Italy and the U.S. using data from 1994 to 2010. Economic insecurity for each individual is assumed to depend on both current wealth and the changes in wealth that have been experienced in the past. The first element plays the role of the...

This paper develops a straightforward theoretical framework for evaluating exchange rate regime choice for small economies. It proposes that a floating exchange rate minimises national income and employment variation when real macroeconomic shocks predominate, whereas a pegged exchange rate...

type="main" <p>We estimate the distribution of economic insecurity in Italy and the U.S. using data from 1994 to 2010. Economic insecurity for each individual is assumed to depend on both current wealth and the changes in wealth that have been experienced in the past. The first element plays the...</p>

Previous studies have illustrated human misperceptions of randomness and resultant suboptimal decision-making with reference to the 'hot hand' or momentum effect in sport, the notion of serial dependency between outcomes. However, issues of omitted variables bias have plagued many due to a...

This paper measures racial inequalities in the US using a multidimensional ‘wellbeing’ approach that simultaneously considers the distributions of income, health and education. The primary objective is to examine trends in US wellbeing inequality with an emphasis on changes in racial...