A generative model for age and income distribution

Fatih Ozhamaratli, Oleg Kitov and Paolo Barucca
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Fatih Ozhamaratli: University College London
Oleg Kitov: University of Cambridge
Paolo Barucca: University College London

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Abstract: Each individual in society experiences an evolution of their income during their lifetime. Macroscopically, this dynamics creates a statistical relationship between age and income for each society. In this study, we investigate income distribution and its relationship with age and identify a stable joint distribution function for age and income within the United Kingdom and the United States. We demonstrate a flexible calibration methodology using panel and population surveys and capture the characteristic differences between the UK and the US populations. The model here presented can be utilised for forecasting income and planning pensions.

Date: 2021-07
New Economics Papers: this item is included in nep-age and nep-isf
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Published in EPJ Data Science (2022) 11:4

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Persistent link: https://EconPapers.repec.org/RePEc:arx:papers:2108.00848

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