Question

Explain the Lorenz curve and Gini coefficient

Answer 1

Explanation:

If someone is unlucky to get Covid after having been vaccinated and you can still, in some cases, get Covid afte you get vaccinated, even though your chances seem to be lower, it is likely you will experience a much milder disease.

Answer 2

Answer:

A Lorenz curve is a graphical representation of income inequality or wealth inequality developed by American economist Max Lorenz in 1905. The graph plots percentiles of the population on the horizontal axis according to income or wealth.

The Gini index, or Gini coefficient, is a measure of the distribution of income across a population developed by the Italian statistician Corrado Gini in 1912. It is often used as a gauge of economic inequality, measuring income distribution or, less commonly, wealth distribution among a population.

The area between the straight line and the curved line, expressed as a ratio of the area under the straight line, is the Gini coefficient, a scalar measurement of inequality. While the Lorenz curve is most often used to represent economic inequality, it can also demonstrate unequal distribution in any system.

The Gini coefficient is the ratio of the area between the line of perfect equality and the observed Lorenz curve to the area between the line of perfect equality and the line of perfect inequality. The higher the coefficient, the more unequal the distribution is.