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A generative model for age and income distribution

Ozhamaratli, Fatih; Kitov, Oleg; Barucca, Paolo; (2022) A generative model for age and income distribution. EPJ Data Science , 11 (1) , Article 4. 10.1140/epjds/s13688-022-00317-x. Green open access

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Abstract

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.

Type: Article
Title: A generative model for age and income distribution
Open access status: An open access version is available from UCL Discovery
DOI: 10.1140/epjds/s13688-022-00317-x
Publisher version: https://doi.org/10.1140/epjds/s13688-022-00317-x
Language: English
Additional information: © 2022 BioMed Central Ltd. This article is licensed under a Creative Commons Attribution 4.0 International License (http://creativecommons.org/licenses/by/4.0/).
Keywords: Income dynamics, Agent based model, Pension system
UCL classification: UCL > Provost and Vice Provost Offices > UCL BEAMS > Faculty of Engineering Science
UCL > Provost and Vice Provost Offices > UCL BEAMS > Faculty of Engineering Science > Dept of Computer Science
UCL > Provost and Vice Provost Offices > UCL BEAMS
UCL
URI: https://discovery.ucl.ac.uk/id/eprint/10142899
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