[R] estimating mean income
Erwin Kalvelagen
erwin at amsterdamoptimization.com
Mon May 10 15:24:12 CEST 2010
Hi:
This is more a statistical question than an R question (apologies!).
I have some income data as follows:
<$5000 : 598
$5000-$10000 : 2586
....
$65001-$70000 : 202
$70001+ : 446
I.e an open ended income class for incomes > $70k.
What would be the best way to estimate mean income?
Something like using a Pareto distribution?.
Any suggestion or references are much appreciated.
Thanks very much.
Erwin
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