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The median is often used for income, that doesn't make it "reliable."
by swiley 6y ago
The median is often used for income, that doesn't make it "reliable."
- bhupy 6y agoIt’s “reliable” insofar as it tells us how the “average” person is doing, and by definition the lower bound for the top half of the population.
- TeMPOraL 6y agoNot reliable at all if you have a bimodal or multimodal distribution.
- bhupy 6y agoThat’s not true. As long as you’re taking into account the median purchasing power, it doesn’t matter what the shape of the distribution is. Real median income has increased regardless of the choice of inflation index.
- C1sc0cat 6y agoHow so its a much much better measure than the arithmetic mean ?