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Wealth distribution models: analisys and applications

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  • Camillo Dagum

Abstract

After Pareto developed his Type I model in 1895, a large number of income distribution models have been specified. However, the important issue of wealth distribution called the attention of researchers more than sixty years later. It started with the contributions by Wold and Whittle, and Sargan, both published in 1957. The former authors proposed the Pareto Type I model and the latter the lognormal distribution, but they did not empirically validate them. Afterward, other models were proposed: in 1969 the Pareto Types I and II by Stiglitz; in 1975, the loglogistic by Atkinson and the Pearson Type V by Vaughan. In 1990 and 1994, Dagum developed a general model and his type II as models of wealth distribution. They were validated with real life data from the U.S.A., Canada, Italy and the U.K. In 1999, Dagum further developed his general model of net wealth distribution with support (??,?) which contains, as particular cases, his Types I and II model of income and wealth distributions. This study presents and analyzes the proposed models of wealth distribution and their properties. The only model with the flexibility, power, and economic and stochastic foundations to accurately fit net and total wealth distributions is the Dagum general model and its particular cases as validated with the case studies of Ireland, U.K., Italy and U.S.A.

Suggested Citation

  • Camillo Dagum, 2006. "Wealth distribution models: analisys and applications," Statistica, Department of Statistics, University of Bologna, vol. 66(3), pages 235-268.
  • Handle: RePEc:bot:rivsta:v:66:y:2006:i:3:p:235-268
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    Cited by:

    1. Paul Eckerstorfer & Johannes Halak & Jakob Kapeller & Bernhard Schütz & Florian Springholz & Rafael Wildauer, 2016. "Correcting for the Missing Rich: An Application to Wealth Survey Data," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 62(4), pages 605-627, December.
    2. Jacobi, Arie & Tzur, Joseph, 2021. "Wealth Distribution across Countries: Quality of Weibull, Dagum and Burr XII in Estimating Wealth over Time," Finance Research Letters, Elsevier, vol. 43(C).
    3. Louis Chauvel, 2016. "The Intensity and Shape of Inequality: The ABG Method of Distributional Analysis," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 62(1), pages 52-68, March.
    4. Ines Heck & Jakob Kapeller & Rafael Wildauer, 2020. "Vermögenskonzentration in Österreich," Working Paper Reihe der AK Wien - Materialien zu Wirtschaft und Gesellschaft 206, Kammer für Arbeiter und Angestellte für Wien, Abteilung Wirtschaftswissenschaft und Statistik.
    5. Paul Eckerstorfer & Johannes Halak & Jakob Kapeller & Bernhard Schütz & Florian Springholz & Rafael Wildauer, 2014. "Correcting wealth survey data for the missing rich: The case of Austria," Economics working papers 2014-01, Department of Economics, Johannes Kepler University Linz, Austria.
    6. Heck, Ines & Kapeller, Jakob & Wildauer, Rafael, 2020. "Vermögenskonzentration in Österreich: Ein Update auf Basis des HFCS 2017," Greenwich Papers in Political Economy 30683, University of Greenwich, Greenwich Political Economy Research Centre.
    7. Louis Chauvel & Anne Hartung & Flaviana Palmisano, 2017. "Dynamics of Income Rank Volatility: Evidence from Germany and the US," SOEPpapers on Multidisciplinary Panel Data Research 926, DIW Berlin, The German Socio-Economic Panel (SOEP).
    8. Ignazio Drudi & Giorgio Tassinari & Fabrizio Alboni, 2017. "Changes in wealth distribution in Italy (2002-2012) and who gained from the Great Recession," PSL Quarterly Review, Economia civile, vol. 70(281), pages 129-153.

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