21 Facts About Gini index

In economics, the Gini coefficient, known as the Gini index or Gini ratio, is a measure of statistical dispersion intended to represent the income inequality or the wealth inequality within a nation or a social group.

The Gini index coefficient was developed by the statistician and sociologist Corrado Gini index.

Gini index coefficient was proposed by Corrado Gini index as a measure of inequality of income or wealth.

Gini index coefficient was developed by the Italian statistician Corrado Gini index and published in his 1912 paper Variability and Mutability .

Gini index coefficient is usually defined mathematically based on the Lorenz curve, which plots the proportion of the total income of the population that is cumulatively earned by the bottom x of the population .

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Since the Gini index coefficient is half the relative mean absolute difference, it can be calculated using formulas for the relative mean absolute difference.

Gini index coefficient calculated from a sample is a statistic, and its standard error, or confidence intervals for the population Gini index coefficient, should be reported.

The insight of this generalised inequality Gini index is that inequality indices differ because they employ different functions of the distance of the inequality ratios from 1.

Gini index coefficient is widely used in fields as diverse as sociology, economics, health science, ecology, engineering, and agriculture.

Education Gini index estimates the inequality in education for a given population.

In other words, the Shorrocks Gini index compares inequality of short-term earnings, such as the annual income of households, to inequality of long-term earnings, such as 5-year or 10-year total income for the same households.

Gini index coefficient has features that make it useful as a measure of dispersion in a population, and inequalities in particular.

Gini index coefficients are simple, and this simplicity can lead to oversights and can confuse the comparison of different populations; for example, while both Bangladesh and the Netherlands had an income Gini index coefficient of 0.

Deininger and Squire show that the income Gini index coefficient based on individual income rather than household income is different.

The theoretical model of the Gini index coefficient is limited to accepting correct or incorrect subjective assumptions.

Gini index is related to the Pietra index — both of which measure statistical heterogeneity and are derived from the Lorenz curve and the diagonal line.

In certain fields such as ecology, inverse Simpson's Gini index is used to quantify diversity, and this should not be confused with the Simpson Gini index.

Since diversity indices typically increase with increasing heterogeneity, the Simpson index is often transformed into inverse Simpson, or using the complement, known as the Gini-Simpson Index.

For example, in ecology, the Gini index coefficient has been used as a measure of biodiversity, where the cumulative proportion of species is plotted against the cumulative proportion of individuals.

Gini index coefficient is sometimes used for the measurement of the discriminatory power of rating systems in credit risk management.

Gini index coefficient has been applied to analyze inequality in dating apps.