BÍLKOVÁ, Diana. Another Approaches to Modeling the Wage and Income Distribution Based on the Use of Order Statistics. International Journal of Mathematical and Computer Modelling. Vol.21, Issue.1, p. 1193-1218. ISSN 2051-4271. 2016.
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Basic information
Original name Another Approaches to Modeling the Wage and Income Distribution Based on the Use of Order Statistics
Authors BÍLKOVÁ, Diana (203 Czech Republic, guarantor, belonging to the institution).
Edition International Journal of Mathematical and Computer Modelling, 2016, 2051-4271.
Other information
Original language English
Type of outcome Article in a journal
Field of Study 50200 5.2 Economics and Business
Country of publisher United Kingdom of Great Britain and Northern Ireland
Confidentiality degree is not subject to a state or trade secret
RIV identification code RIV/04274644:_____/16:#0000115
Organization unit University of Finance and Administration
Keywords in English Order statistics; L-moments and TL-moments; probability density function; distribution function; quantile function
Tags AR 2015-2016, xJ6
Tags International impact, Reviewed
Changed by Changed by: Ing. Dominika Moravcová, učo 21787. Changed: 19/4/2017 15:04.
Abstract
Despite not producing good results, the method of moments is commonly applied when constructing the parametric distribution for a data file. An alternative approach is to use the so-called order statistics. The present paper deals with the application of order statistics (parameter estimation methods of L-moments and TL-moments) to the economic data. Theoretical advantages of L-moments over conventional moments become obvious when applied to small data sets, e.g. in hydrology, meteorology and climatology, considering extreme precipitation in particular. The main aim of this paper is to apply the two methods to large data sets, comparing their parametric estimation accuracy with that of the maximum likelihood method. The methods of L-moments and TL-moments are utilized for the construction of income and wage distribution models. Three-parameter lognormal curves represent the basic theoretical probability distribution whose parameters were estimated simultaneously by the three methods of parameter estimation, their accuracy having been then evaluated.
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