JSM 2004 - Toronto

Abstract #300420

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Activity Number: 371
Type: Topic Contributed
Date/Time: Wednesday, August 11, 2004 : 2:00 PM to 3:50 PM
Sponsor: Business and Economics Statistics Section
Abstract - #300420
Title: Specification and Analysis of Wealth Distribution Models with Applications
Author(s): Camilo Dagum*+
Companies: University of Ottawa
Address: 200 Wilbrod St., Ottawa, ON, K1N 6N5, Canada
Keywords: wealth distribution properties ; Pareto model ; lognormal distribution ; log-logistic model ; Pearson Type V ; Dagum wealth distribution model
Abstract:

A large number of income distribution models have been developed after Pareto's Type I, introduced in 1895. Nevertheless, the important issue of wealth distribution only called the attention of researchers more than 60 years later with the pioneering works by Wold and Whittle, and Sargan, both published in 1957. The former authors proposed the Pareto Type I model and the latter the lognormal distribution but did not empirically validate them. Later, other models were proposed such as, the Pareto Type II by Stiglitz in 1969, the log-logistic by Atkinson in 1975, and the Pearson Type V by Vaugham, also in 1975. In 1990, Dagum developed his Type II model of income and wealth distribution that was validated with real life data from the United States, Canada and Italy. This study discusses the properties and the relative power of the above models to accurately fit observed wealth distributions.

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