The k-generalized distribution: A new descriptive model for the size distribution of incomes

Abstract

This paper proposes the k-generalized distribution as a model for describing the distribution and dispersion of income within a population. Formulas for the shape, moments and standard tools for inequality measurement - such as the Lorenz curve and the Gini coefficient - are given. A method for parameter estimation is also discussed. The model is shown to fit extremely well the data on personal income distribution in Australia and the United States.

12 pages with 8 figures; LaTeX; introduction revised, added reference for section 1; accepted for publication in Physica A: Statistical Mechanics and its Applications

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