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A Welfare Loss Measure of Unemployment with An Empirical Illustration

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  • Satya Paul

Abstract

Based on interpersonal comparisons, a welfare loss measure of unemployment is developed. The proposed measure is additively decomposable which enables us to assess the group‐specific contribution to aggregate welfare cost. It possesses certain other desirable properties. It is sensitive to unemployment rate, mean duration of unemployment and the relative differences in the duration of unemployment. Since all these can vary differently over the years and across regions, the proposed measure is most suitable for comparing the welfare cost of unemployment over a period of time or across regions. An empirical exercise based on the Australian labour force survey data illustrates the usefulness and an easy applicability of the proposed measure.

Suggested Citation

  • Satya Paul, 2001. "A Welfare Loss Measure of Unemployment with An Empirical Illustration," Manchester School, University of Manchester, vol. 69(2), pages 148-163, March.
    • Handle: RePEc:bla:manchs:v:69:y:2001:i:2:p:148-163
    DOI: 10.1111/1467-9957.00239
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    Cited by:

    1. Carlos Gradín & Olga Cantó & Coral del Río, 2015. "Unemployment and spell duration during the Great Recession in the EU," International Journal of Manpower, Emerald Group Publishing Limited, vol. 36(2), pages 216-235, May.
    2. Carlos Gradín & Olga Cantó & Coral Río, 2017. "Measuring employment deprivation in the EU using a household-level index," Review of Economics of the Household, Springer, vol. 15(2), pages 639-667, June.
    3. Marija Buselic & Jurica Bosna, 2019. "Defining the Unemployment Determinants of the Post-Transition Central European EU Member Countries," Managing Global Transitions, University of Primorska, Faculty of Management Koper, vol. 17(1 (Spring), pages 79-103.
    4. Paul, Satya & Guilbert, Daniel, 2013. "Income–happiness paradox in Australia: Testing the theories of adaptation and social comparison," Economic Modelling, Elsevier, vol. 30(C), pages 900-910.
    5. Lena Malesevic Perovic, 2008. "Subjective Economic Well-being in Transition Countries: Investigating the Relative Importance of Macroeconomic Variables," Financial Theory and Practice, Institute of Public Finance, vol. 32(4), pages 519-537.

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