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A quantitative method for benchmarking fair income distribution.

Thitithep Sitthiyot1, Kanyarat Holasut2

  • 1Department of Banking and Finance, Faculty of Commerce and Accountancy, Chulalongkorn University, Mahitaladhibesra Bld., 10th Fl., Phayathai Rd., Pathumwan, Bangkok, 10330, Thailand.

Heliyon
|September 19, 2022
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Summary
This summary is machine-generated.

This study introduces a novel benchmark for fair income distribution, drawing parallels with professional sports. It provides a method to assess if a country's income shares align with fairness principles, aiding in policy development for reducing income inequality.

Keywords:
FairnessGini indexIncome distributionInequalitySustainable Development Goals

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Area of Science:

  • Behavioral Economics
  • Psychology
  • Public Policy

Background:

  • Global concern over income inequality is rising.
  • Behavioral studies indicate a preference for fair over equal income distributions.
  • A benchmark for measuring fair income distribution across nations is lacking.

Purpose of the Study:

  • Introduce a method for benchmarking fair income distribution.
  • Provide a quantitative tool to assess national income shares against fairness principles.
  • Inform policy-making for Sustainable Development Goal 10 (Reduced Inequalities).

Main Methods:

  • Developed a benchmark based on procedural justice, distributive justice, and authority's power, using professional sports as a model.
  • Utilized World Bank data for quantitative analysis.
  • Applied the no-envy principle of fair allocation.

Main Results:

  • Demonstrated a quantitative method to evaluate income shares by quintile against a fairness benchmark for a given Gini index.
  • Identified deviations from fair income shares and proposed appropriate fair shares.
  • Showcased the benchmark's utility in assessing national income distributions.

Conclusions:

  • The proposed benchmark offers a practical approach to measuring fair income distribution.
  • This method can guide countries in setting targets for the Gini index and fair income shares.
  • Findings support evidence-based policy formulation for achieving equitable economic outcomes.