Abstract #300203

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JSM 2003 Abstract #300203
Activity Number: 442
Type: Contributed
Date/Time: Thursday, August 7, 2003 : 8:30 AM to 10:20 AM
Sponsor: Business & Economics Statistics Section
Abstract - #300203
Title: A Multiequational Recursive Model of Human Capital, Income, and Wealth of Households with Application
Author(s): Camilo Dagum*+ and Giorgio Vittadini and Michele Costa and Lovaglio Pietro Giorgio
Companies: University of Ottawa and University of Milan, Bicocca and University of Bologna and University of Milan, Bicocca
Address: 550 Cumberland St., Ottawa, ON, K1N 6N5, Canada
Keywords: causal model ; matrix of indirect causal effects ; human capital latent variable ; income generating function ; matrix of direct causal effects
Abstract:

We introduce a multiequational model based on a set of explanatory variables purporting to explain the level and size distribution of human capital, income, and wealth of households. The variables chosen are related, among others, to level of education of the household head and spouse, job status, occupation, type of work and years of full-time work. The income-generating function is given by the last equation of the model with human capital and wealth as its explanatory variables. This model is estimated using data from the 1983 U.S. Federal Reserve Board sample survey on income and wealth distribution. The results obtained show an excellent goodness of fit.

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