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Modelling Inequality with a Single Parameter

In: Modeling Income Distributions and Lorenz Curves

Author

Listed:
  • J. M. Henle

    (Smith College)

  • N. J. Horton

    (Smith College)

  • S. J. Jakus

    (Smith College)

Abstract

We argue that the Lorenz curve for income is well-modelled by members of the one-parameter family of functions: $$ \left\{ {y = \left( {1 - \left( {1 - r} \right)^k } \right)^{\frac{1}{k}} } \right\} $$ . We justify this statement with data from the Luxembourg Income Study. The family of curves arises from a dynamic model of income growth, in which the parameter k has a direct economic interpretation.

Suggested Citation

  • J. M. Henle & N. J. Horton & S. J. Jakus, 2008. "Modelling Inequality with a Single Parameter," Economic Studies in Inequality, Social Exclusion, and Well-Being, in: Duangkamon Chotikapanich (ed.), Modeling Income Distributions and Lorenz Curves, chapter 14, pages 255-269, Springer.
    • Handle: RePEc:spr:esichp:978-0-387-72796-7_14
    DOI: 10.1007/978-0-387-72796-7_14
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    Cited by:

    1. A. Il’inskii I. & Z. Mierzwa & А. Ильинский И. & З. Межва, 2019. "Распределение богатства в экосистеме биткоин // Wealth Distribution in the Bitcoin Ecosystem," Финансы: теория и практика/Finance: Theory and Practice // Finance: Theory and Practice, ФГОБУВО Финансовый университет при Правительстве Российской Федерации // Financial University under The Government of Russian Federation, vol. 23(2), pages 6-16.

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