A generative model for age and income distribution
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Peer-reviewed
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Abstract
jats:titleAbstract</jats:title>jats:pEach 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>
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Keywords
38 Economics, 3802 Econometrics, 35 Commerce, Management, Tourism and Services, Aging
Journal Title
EPJ Data Science
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Journal ISSN
2193-1127
2193-1127
2193-1127
Volume Title
11
Publisher
Springer Science and Business Media LLC