Bivariate income distributions with lognormal conditionals |
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Authors: | José María Sarabia Enrique Castillo Marta Pascual María Sarabia |
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Affiliation: | (1) Department of Economics, University of Cantabria, Santander, Spain;(2) Department of Applied Mathematics and Computational Sciences, University of Cantabria, Santander, Spain;(3) Department of Business Administration, University of Cantabria, Santander, Spain |
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Abstract: | In this paper, the most general bivariate distribution with lognormal conditionals is fully characterized, using the methodology proposed by [3]. The properties of the new family are studied in detail, including marginal and conditional distributions, regression functions, dependence measures, moments and inequality measures. The new distribution is very broad, and contains as a particular case the classical bivariate lognormal distribution. Several subfamilies are studied and a generalization of the basic model is discussed. Finally, we present an empirical application. We estimate and compare the basic model proposed in the paper with a classical model, using data from the European Community Household Panel in different periods of time. |
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Keywords: | lognormal distribution conditionally specified models European community household panel |
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