A generalized statistical model for the size distribution of wealth

Abstract

In a recent paper in this journal [J. Stat. Mech. (2009) P02037] we proposed a new, physically motivated, distribution function for modeling individual incomes having its roots in the framework of the k-generalized statistical mechanics. The performance of the k-generalized distribution was checked against real data on personal income for the United States in 2003. In this paper we extend our previous model so as to be able to account for the distribution of wealth. Probabilistic functions and inequality measures of this generalized model for wealth distribution are obtained in closed form. In order to check the validity of the proposed model, we analyze the U.S. household wealth distributions from 1984 to 2009 and conclude an excellent agreement with the data that is superior to any other model already known in the literature.

LaTeX2e; 23 pages with 6 figures; corrected typos

References in corpus (13)

• Statistical mechanics in the context of special relativity
• Non Linear Kinetics underlying Generalized Statistics
• Exponential and power-law probability distributions of wealth and income in the United Kingdom and the United States
• Statistical mechanics in the context of special relativity II
• H-Theorem and Generalized Entropies Within the Framework of Non Linear Kinetics
• Maximum entropy principle and power-law tailed distributions
• k-Generalized Statistics in Personal Income Distribution
• The k-generalized distribution: A new descriptive model for the size distribution of incomes
• Kinetic model for q-deformed bosons and fermions
• Relativistic Entropy and Related Boltzmann Kinetics
• Kinetic Approach to Fractional Exclusion Statistics
• Exploiting the flexibility of a family of models for taxation and redistribution
• A k-generalized statistical mechanics approach to income analysis

Cited by in corpus (11)

• Theoretical foundations and mathematical formalism of the power-law tailed statistical distributions
• Tsallis statistics in the income distribution of Brazil
• $\kappa$-generalized models of income and wealth distributions: A survey
• k-Deformed Fourier Transform
• Oscillations in the Tsallis income distribution
• Relativistic Roots of $\kappa$-Entropy
• Wealth distribution in modern societies: collected data and a master equation approach
• Inequality, mobility and the financial accumulation process: A computational economic analysis
• Income Distribution in the European Union Versus in the United States
• New economic windows on income and wealth: The k-generalized family of distributions
• Decomposition of waves in time series of data related to Covid-19