We prove that the refined approach -our extension of the Yakovenko et al. formalismis universal in the sense that it describes well both household incomes in the European Union and the individual incomes in the United States for social classes of any income. This formalism allowed the study of the impact of the recent world-wide financial crisis on the annual incomes of different social classes. Hence, we indicate the existence of a possible precursor of a market crisis. Besides, we find the most painful impact of the crisis on incomes of all social classes.
We prove that the most rafined approach-our extension of the Yakovenko et al. model-is a universal in the sense that it well describes both household incomes in the European Union and the individual incomes in the United States for all income social classes. This prove was based on our comparative study of various kinds of incomes. The study constitutes a basis for the finding of an impact of the recent worldwide financial crisis on the volatility of various temporary Pareto exponents and on other parameters of the model.
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