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Abstract Details
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Activity Number:
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417
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Type:
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Contributed
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Date/Time:
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Tuesday, August 2, 2011 : 2:00 PM to 3:50 PM
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Sponsor:
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Business and Economic Statistics Section
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| Abstract - #300825 |
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Title:
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Moments to Remember: Some Popular Models for the Distribution of Income
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Author(s):
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James B. McDonald and Jeffrey T. Sorensen*+ and Patrick A. Turley
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Companies:
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Brigham Young University and Brigham Young University and Harvard University
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Address:
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153 FOB, Provo, UT, 84602,
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Keywords:
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skewness ;
kurtosis ;
generalized beta type 2 distribution ;
generalized gamma distribution
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Abstract:
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This paper explores the ability of some popular income distributions to model observed skewness and kurtosis. We present the generalized beta type 1 (GB1) and type 2 (GB2) distributions' skewness-kurtosis spaces and clarify and expand on previously known results on other distributions' skewness-kurtosis spaces. Data from the Luxembourg Income Study are used to estimate sample moments and explore the ability of the generalized gamma, Dagum, Singh-Maddala, beta of the first kind, beta of the second kind, GB1, and GB2 distributions to accommodate the skewness and kurtosis values. The GB2 has the flexibility to accurately describe the observed skewness and kurtosis.
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