Bounding Lifetime Income Using A Cross Section Of Data

Daniel Millimet, Nripesh Podder, Daniel Slottje and Sourushe Zandvakili

Review of Income and Wealth, 2003, vol. 49, issue 2, 205-219

Abstract: Measures of income inequality based on current income are well known to overstate lifetime income inequality for two reasons: intracohort mobility and the shape of the age‐earnings profile. Utilizing the concept of age equivalence scales along with varying assumptions concerning the extent of intracohort mobility, the method presented bounds lifetime income inequality using only cross‐sectional data from the CPS, 1967–86. As a result, we are able to analyze changes in lifetime inequality over this period.

Date: 2003
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