Generalized Lambda Distributions of Household‘s Incomes


Finance

Generalized Lambda Distributions of Household‘s Incomes

Jméno a příjmení autora:

Viera Pacáková, Ľubica Sipková

Rok:
2007
Číslo:
1
Klíčová slova:
quantile function, generalized lambda distribution, RS GLD, goodness of fit tests of_x000D_ quantile model, parameter estimation, validation process
DOI (& full text):
Anotace:
A new approach to statistical modelling with inverse distribution functions, known as quantile functions, provides further opportunities for describing the probability distributions. Two general …více
A new approach to statistical modelling with inverse distribution functions, known as quantile
functions, provides further opportunities for describing the probability distributions. Two general
theoretically elaborated types of the quantile modelling are to fit the data by a known highly elastic
generalized form and to build up an adequate quantile model for a special case. The aim of
this article is to present the first approach to statistical modelling of probability distributions with
help of the generalized lambda distributions (GLD). A technique of identification, estimation and
validation of quantile probability models from family of RS GLD is discussed. Quantile modelling
of income distribution is applied using a data sample of yearly net real income, collected from
1566 households in Households‘ Budgets Survey of Statistical Office of Slovak Republic. Some
conclusions about application of about mentioned methods in case of heavy-tailed or long-tailed
continuous probability distributions will hopefully contribute to the development of generalized
quantile model fitting.
Sekce:
Finance

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