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Characterizing Life-Cycle Wealth Distributions Using Statistical Inference and Dominance Criteria

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  • Siddiq, Fazley K
  • Beach, Charles M

Abstract

This paper examines how the distribution of household wealth in Canada varies with age over the life cycle. The wealth distribution is characterized in terms of decile means and decile shares for each of six age groups, and comparisons between age-specific distributions are based on first- and second-order stochastic dominance criteria. It is found that (i) mean wealth levels and wealth distributions increase significantly with age in concave quadratic fashion until near-retirement and then decline, and (ii) wealth inequality declines in convex fashion with age, at first steeply and then not significantly. This joint pattern in mean and inequality of wealth holdings across age groups presents a challenge for basic theories to explain.

Suggested Citation

  • Siddiq, Fazley K & Beach, Charles M, 1995. "Characterizing Life-Cycle Wealth Distributions Using Statistical Inference and Dominance Criteria," Empirical Economics, Springer, vol. 20(4), pages 551-575.
    • Handle: RePEc:spr:empeco:v:20:y:1995:i:4:p:551-75
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    Cited by:

    1. Kevin Milligan, 2005. "Life‐cycle asset accumulation and allocation in Canada," Canadian Journal of Economics/Revue canadienne d'économique, John Wiley & Sons, vol. 38(3), pages 1057-1106, August.
    2. James B. Davies & Nicole M. Fortin & Thomas Lemieux, 2017. "Wealth inequality: Theory, measurement and decomposition," Canadian Journal of Economics, Canadian Economics Association, vol. 50(5), pages 1224-1261, December.
    3. Vicky Barham & Rose Anne Devlin, 2003. "Child-Support Policies and the Well-Being of Children: Income versus Wealth-Based Measures," Canadian Public Policy, University of Toronto Press, vol. 29(3), pages 351-365, September.

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