A Two Factor Model of Income Distribution Dynamics
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概要
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The definitive version is available at onlinelibrary.wiley.comThis paper analyzes empirical income distributions and proposes a simple stochastic model to explain the stationary distribution and deviations from it. Using the individual tax returns data in the U.S. and Japan for 40 years, we rst summarize the shape of income distribution by an exponential decay up to about the 90th percentile and a power decay for the top 1 percent. We then propose a minimal stochastic process of labor and asset income to reproduce the empirical characteristics. In particular, the Pareto exponent is derived analytically and matched with empirical statistics.
- Wiley-Blackwellの論文
- 2007-09-00
Wiley-Blackwell | 論文
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