Modeling the evolution of age-dependent Gini coefficient for personal incomes in the U.S. between 1967 and 2005

This study validates the microeconomic model defining the evolution of personal incomes in the U.S. Because of a large portion of population not reporting any income, any comprehensive modeling of the overall personal income distribution (PID) is complicated. Age-dependent PIDs allow overcoming this shortcoming since the portion of population without income is very low (<4 %) for ages over 45 years. It is demonstrated that the evolution of Gini coefficient, for the years with a good PID resolution, can be accurately (