A generative model for age and income distribution
Publication Date
2022-12Journal Title
EPJ Data Science
ISSN
2193-1127
Publisher
Springer Science and Business Media LLC
Volume
11
Issue
1
Language
en
Type
Article
This Version
VoR
Metadata
Show full item recordCitation
Ozhamaratli, F., Kitov, O., & Barucca, P. (2022). A generative model for age and income distribution. EPJ Data Science, 11 (1) https://doi.org/10.1140/epjds/s13688-022-00317-x
Abstract
<jats:title>Abstract</jats:title><jats:p>Each individual in society experiences an evolution of their income during their lifetime. Macroscopically, this dynamic 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.</jats:p>
Keywords
Regular Article, Income dynamics, Agent based model, Pension system
Identifiers
epjds/s13688-022-00317-x, 317
External DOI: https://doi.org/10.1140/epjds/s13688-022-00317-x
This record's URL: https://www.repository.cam.ac.uk/handle/1810/333425
Rights
Licence:
http://creativecommons.org/licenses/by/4.0/
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