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    Wyświetlanie 1-4 z 4
    Tytuł:
    Estimating the parameter of inequality aversion on the basis of a parametric distribution of incomes
    Autorzy:
    Kot, Stanislaw Maciej
    Powiązania:
    https://bibliotekanauki.pl/articles/22444415.pdf
    Data publikacji:
    2020
    Wydawca:
    Instytut Badań Gospodarczych
    Tematy:
    income inequality
    inequality aversion
    estimation
    income distribution
    Opis:
    Research background: In applied welfare economics, the constant relative inequality aversion function is routinely used as the model of a social decisionmaker?s or a society?s preferences over income distributions. This function is entirely determined by the parameter, ?, of inequality aversion. However, there is no authoritative answer to the question of what the range of ? an analyst should select for empirical work. Purpose of the article: The aim of this paper is elaborating the method of deriving ? from a parametric distribution of disposable incomes. Methods: We assume that households? disposable incomes obey the generalised beta distribution of the second kind GB2(a,b,p,q). We have proved that, under this assumption, the social welfare function exists if and only if ? belongs to (0,ap+1) interval. The midpoint ?mid of this interval specifies the inequality aversion of the median social-decisionmaker. Findings & Value added: The maximum likelihood estimator of ?mid has been developed. Inequality aversion for Poland 1998?2015 has been estimated. If inequality is calculated on the basis of disposable incomes, the standard inequality?development relationship might be complemented by inequality aversion. The ?augmented? inequality?development relationship reveals new phenomena; for instance, the stage of economic development might matter when assessing the impact of inequality aversion on income inequality.
    Źródło:
    Equilibrium. Quarterly Journal of Economics and Economic Policy; 2020, 15, 3; 391-417
    1689-765X
    2353-3293
    Pojawia się w:
    Equilibrium. Quarterly Journal of Economics and Economic Policy
    Dostawca treści:
    Biblioteka Nauki
    Artykuł
    Tytuł:
    The atlas of inequality aversion: theory and empirical evidence on 55 countries from the Luxembourg Income Study database
    Autorzy:
    Kot, Stanisław Maciej
    Paradowski, Piotr R.
    Powiązania:
    https://bibliotekanauki.pl/articles/22443170.pdf
    Data publikacji:
    2022
    Wydawca:
    Instytut Badań Gospodarczych
    Tematy:
    inequality aversion
    Atkinson Index
    income distribution
    inequality
    utility function
    Opis:
    Research background: In the distributive analysis, the constant relative inequality aversion utility function is a standard tool for ethical judgements of income distributions. The sole parameter ? of this function expresses a society?s aversion to inequality. However, the profession has not committed to the range of ?. When assessing inequality and other welfare characteristics, analysts assume an arbitrary level of ?, common to all countries and years. This assumption seems unjustified. Purpose of the article: This paper aims to estimate the parameter ? for each country and year individually using datasets from the Luxembourg Income Study Database in all available years, which dates back to the 1970s. Methods: We utilise the method of estimating ?, which assumes the generalised beta of the second kind distribution of incomes. The estimator of ? is derived from the mathematical condition of the existence of the social welfare function.  Findings & value added: We have elaborated an ?atlas? of  388 estimates of ? for 55 countries across time. Inequality aversion is country-year specific, with a minimum of 0.97 and a maximum of 3.8. Ninety per cent of all estimates are less than 2.5. Inequality aversion is negatively correlated with income inequality, but it is independent of economic development. Thus, inequality aversion appears as an additional dimension of the classical inequality-development relationship. This article contributes to solving a fundamental problem of Welfare Economics: directly measuring the social utility of income (welfare) function. The estimates of ? for 55 countries imply a complete knowledge of these countries' constant relative inequality aversion utility functions.
    Źródło:
    Equilibrium. Quarterly Journal of Economics and Economic Policy; 2022, 17, 2; 261-316
    1689-765X
    2353-3293
    Pojawia się w:
    Equilibrium. Quarterly Journal of Economics and Economic Policy
    Dostawca treści:
    Biblioteka Nauki
    Artykuł
    Tytuł:
    Equivalence scales for continuous distributions of expenditure
    Autorzy:
    Kot, Stanisław Maciej
    Powiązania:
    https://bibliotekanauki.pl/articles/22443103.pdf
    Data publikacji:
    2023
    Wydawca:
    Instytut Badań Gospodarczych
    Tematy:
    equivalence scale
    lognormal distribution
    inequality aversion
    subjective welfare
    Opis:
    Research background: In the actual sizable populations of households, the standard microeconomic concept of equivalence scales is intractable since its necessary condition of equality of household welfare levels is unlikely to be fulfilled. Purpose of the article: This paper aims to develop a concept of an equivalence scale, which can be suitable for continuous distributions of expenditures in the population. Methods: Using household welfare intervals, we get the random equivalence scale (RES) as the ratio of expenditure distributions of the compared populations of households. Findings & value added: We derive the parametric distribution of RES for the lognormal distributions of expenditures. The truncated distribution of RES is applied to account for possible economies of scale in the household size. A society?s inequality aversion can be helpful when selecting a single equivalence scale. We estimate RES for Poland using microdata on expenditures and subjective assessments of household welfare intervals. The estimated equivalence scales turned out to be very flat and dependent on welfare.
    Źródło:
    Equilibrium. Quarterly Journal of Economics and Economic Policy; 2023, 18, 1; 185-219
    1689-765X
    2353-3293
    Pojawia się w:
    Equilibrium. Quarterly Journal of Economics and Economic Policy
    Dostawca treści:
    Biblioteka Nauki
    Artykuł
    Tytuł:
    ESTIMATING INEQUALITY AVERSION FROM SUBJECTIVE ASSESSMENTS OF THE JUST NOTICEABLE DIFFERENCES IN WELFARE
    Autorzy:
    Kot, Stanislaw Maciej
    Powiązania:
    https://bibliotekanauki.pl/articles/517250.pdf
    Data publikacji:
    2017
    Wydawca:
    Instytut Badań Gospodarczych
    Tematy:
    inequality
    aversion
    income
    utility estimation
    Opis:
    Research background: In Economics, the concept of inequality aversion corresponds with the concept of risk aversion in the literature on making decision under uncertainty. The risk aversion is estimated on the basis of subjective reactions of people to various lottery prospects. In Economics, however, an efficient method of estimating inequality aversion has not been developed yet. Purpose of the article: The main aim of this paper is to develop the method of estimating inequality aversion. Methods: The method is based on two income thresholds which are subjectively assessed by surveyed respondents. Given the level of household income, just noticeable worsening of household welfare is perceived below the first threshold, whereas just noticeable improvement of household welfare is perceived above the second threshold. The thresholds make possible effective calculations of the parameter of the Arrow-Pratt’s constant inequality aversion utility function. In this way, an individual utility of income becomes an empirically observable economic phenomenon. Findings & Value added: In this paper, two theorems are proved which provide the guidance on how to identify a proper version of the above function. The proposed method is tested on the basis of statistical data from the archival survey conducted among Polish households in 1999. The statistical analysis of those data reveals the appearance of convex utility functions as well as concave ones. Nevertheless, the prevailing part of the Polish society exhibited inequality aversion in the year 1999. Another result of this paper is that inequality aversion diminishes as income increases.
    Źródło:
    Equilibrium. Quarterly Journal of Economics and Economic Policy; 2017, 12, 1; 123-146
    1689-765X
    2353-3293
    Pojawia się w:
    Equilibrium. Quarterly Journal of Economics and Economic Policy
    Dostawca treści:
    Biblioteka Nauki
    Artykuł
      Wyświetlanie 1-4 z 4

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