Figure 4 - uploaded by Dirk Van de gaer
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Citations
... Equilibrium requires that the distribution function remains unchanged through the generations, so that F t−1 = F t = F * , for all t in (16). Cowell and Van de gaer (2017) show that the equilibrium distribution F * that satisfies this equation must take the form of a Pareto distribution: ...
... Consider a situation where the economy is in a long-run equilibrium with τ = 0: no bequest tax. Our first task is to simulate the long-run distribution of wealth given the parameter values we have just stated and following the dynamics explained in section 4 and set out in more detail in Cowell and Van de gaer (2017). The equilibrium distribution has a Paretian upper tail where equation (18) gives the equilibrium value of Pareto's α: for these parameter values we find α = 1.355 . ...
... The Gini coefficient corresponding to the Pareto tail alone -in other words for inequality among the rich in isolation -would take the value 0.5848 . But the equilibrium distribution is not Paretian throughout its support -see Cowell and Van de gaer (2017) for an explanation. The empirical approximation to this equilibrium distribution is depicted by the shaded histogram in Figure 1. ...
