A generative model for age and income distribution

• Tác giả: Paolo Barucca, Oleg Kitov, Fatih Ozhamaratli
• Ngôn ngữ: eng
• Ký hiệu phân loại: 339.2 Distribution of income and wealth
• Thông tin xuất bản: 2021
• Bộ sưu tập: Báo, Tạp chí
• ID: 167540

Tóm tắt

Each individual in society experiences an evolution of their income during their lifetime. Macroscopically, this dynamics creates a statistical relationship between age and income for each society. In this study, we investigate income distribution and its relationship with age and identify a stable joint distribution function for age and income within the United Kingdom and the United States. We demonstrate a flexible calibration methodology using panel and population surveys and capture the characteristic differences between the UK and the US populations. The model here presented can be utilised for forecasting income and planning pensions.