To simultaneously overcome the limitation of Gini index in that it is less sensitive to inequality at tails income distribution and inter-decile ratios ignore middle distribution, an introduced. It comprises three indicators, namely, index, share held by top 10%, bottom 10%. The data from World Bank database Organization for Economic Co-operation Development Income Distribution Database between 2005 2015 are used demonstrate how works. results show can distinguish among countries same but...

Given many popular functional forms for the Lorenz curve do not have a closed-form expression Gini index and no study has utilized observed to estimate parameter(s) associated with corresponding parametric form, simple method estimating is introduced. It utilizes 3 indicators, namely, income shares of bottom top in order calculate values parameters specified form which index. No error minimization technique required curve. The data on 4 countries that different level inequality, economic,...

Given that the existing parametric functional forms for Lorenz curve do not fit all possible size distributions, a universal form is introduced. By using empirical data from different scientific disciplines and also hypothetical data, this study shows that, proposed model fits only whose actual plots have typical convex segment but both horizontal segments practically well. It perfectly observation larger in while rest of observations are smaller equal as characterized by two positive-slope...

The pursuit of having an appropriate level income inequality should be viewed as one the biggest challenges facing academic scholars well policy makers. Unfortunately, research on this issue is currently lacking. This study first to introduce theoretical concept targeted for a given size population. By employing World Bank’s data population and Gini coefficient from sixty-nine countries in 2012, finds that relationship between natural logarithm nonlinear form second degree polynomial...

A good prediction is very important for scientific, economic, and administrative purposes. It therefore necessary to know whether a predictor skillful enough predict the future. Given increased reliance on predictions in various disciplines, skill index (PSI) devised. Twenty-four numerical examples are used demonstrate how PSI method works. The results show that awards not only same score random always predicting value but also nontrivial scores correct of rare or extreme events. Moreover,...

Given a vast concern about high income inequality in Thailand as opposed to empirical findings around the world showing people’s preference for fair over unfair equality, it is therefore important examine whether distribution past three decades fair, and what should be. To quantitatively measure distribution, this study employs fairness benchmarks that are derived from distributions of athletes’ salaries professional sports which satisfy concepts distributive justice procedural justice,...

Given that an excellent performance of any parametric functional form for the Lorenz curve is based on a single country case study and limited range distribution must be treated with great caution, this investigates single-parameter proposed by Paul Shankar (2020) who use income data Australia to show their superior other existing widely used forms considered in study. By using both mathematical proof empirical 40 countries around world, demonstrates (2020)'s not only fails fit actual...

This study examines whether income distribution in Thailand has a property of scale invariance or self-similarity across years. By using the data on shares by quintile and decile from 1988 to 2021, results 306-pairwise Kolmogorov-Smirnov tests indicate that is statistically scale-invariant self-similar years with p-values ranging between 0.988 1.000. Based these empirical findings, this would like propose that, order change whose pattern had been persisted for over three decades, itself...

Forecasts for key macroeconomic variables are almost always made simultaneously by the same organizations, presented together, and used together in policy analyses decision-makings. It is therefore important to know whether forecasters skillful enough forecast future values of those variables. Here a method joint evaluation skill directional forecasts multiple introduced. The simple use does not rely on complicated assumptions required conventional statistical methods measuring accuracy...

To overcome the limitations of existing deterministic binary forecast skill verification methods that award a perfect score for forecasting events considered easy to forecast, an improvement factor is introduced. It comprises two components which are 1) measure ease with event can be accurately forecasted and 2) frequency event. By using hypothetical datasets, this study demonstrates could enhance performance by awarding close no-skill forecasts forecast. In addition, actual data on annual...

Rank-size distributions of local government debt, regardless the way in which data is categorized, namely, regions, types, or all governments, are found not to be normally distributed but consistent with a mathematical principle known as power law. This implies that borrowings resemble complex adaptive system sense they self-organized and have positive feedbacks among each other, could reach critical point, causing debt crisis eventually may disrupt government's fiscal financial status well...

Concern about income inequality has become prominent in public discourse around the world. However, studies behavioral economics and psychology have consistently shown that people prefer not equal but fair distributions. Thus, finding a benchmark could be used to measure distribution across countries is theoretical practical challenge. Here method for benchmarking introduced. The constructed based on concepts of procedural justice, distributive authority's power professional sports since it...

We introduce an alternative method that is simple and can be used to test scale invariance or self-similarity in any types of data, irrespective their distributions. Our based on estimating the Lorenz curve Kolmogorov-Smirnov test. This could as a preliminary screening before investigating further which distributions would fit actual observations.•We invariance, regardless data distributions.•Our test.•This serve initial data.