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Clusters of attributes and well-being in the USA

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  • Joseph G. Hirschberg

    (Department of Economics, University of Melbourne, Parkville, 3052, Australia)

  • Esfandiar Maasoumi

    (Department of Economics, Southern Methodist University, Dallas TX 75275 USA)

  • Daniel J. Slottje

    (Department of Economics, Southern Methodist University, Dallas TX 75275 USA)

Abstract

Using ARIMA models and entropy, the dynamic evolution of several functions of aggregate income and other attributes of well-being is analysed for statistical 'similarity' in order to determine potentially distinct dimensions in multidimensional analysis of welfare and quality of life in the USA. The entropy metric compares entire distributions and is more general than principal components and other correlation-based techniques for clustering. To help macroeconomic policy makers, we compare the distribution of several composite measures of well-being which include income, with the distribution of some common measures of aggregate income over the period 1915-1995. Per capita disposable income and growth in GNP are statistically distinct dimensions of well-being. Copyright © 2001 John Wiley & Sons, Ltd.

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Bibliographic Info

Article provided by John Wiley & Sons, Ltd. in its journal Journal of Applied Econometrics.

Volume (Year): 16 (2001)
Issue (Month): 3 ()
Pages: 445-460

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Handle: RePEc:jae:japmet:v:16:y:2001:i:3:p:445-460

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  1. Roback, Jennifer, 1982. "Wages, Rents, and the Quality of Life," Journal of Political Economy, University of Chicago Press, vol. 90(6), pages 1257-78, December.
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  8. Maasoumi, Esfandiar & Racine, Jeff, 2002. "Entropy and predictability of stock market returns," Journal of Econometrics, Elsevier, vol. 107(1-2), pages 291-312, March.
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Cited by:
  1. Daniel L. Millimet & Esfandiar Maasoumi, 2005. "Robust inference concerning recent trends in US environmental quality," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 20(1), pages 55-77.
  2. Wiebke Kuklys, 2004. "Measuring Standard of Living in the UK - An Application of Sen's Functioning Approach Using Structural Equation Models," Papers on Strategic Interaction 2004-11, Max Planck Institute of Economics, Strategic Interaction Group.
  3. Rahman, Tauhidur & Mittelhammer, Ron C. & Wandschneider, Philip, 2005. "Measuring the Quality of Life across Countries: A Sensitivity Analysis of Well-being Indices," Working Paper Series RP2005/06, World Institute for Development Economic Research (UNU-WIDER).
  4. Roma Debnath & Ravi Shankar, 2014. "Does Good Governance Enhance Happiness: A Cross Nation Study," Social Indicators Research, Springer, vol. 116(1), pages 235-253, March.
  5. Joseph G. Hirschberg & Jenny N. Lye, 2001. "Clustering in a Data Envelopment Analysis Using Bootstrapped Efficiency Scores," Department of Economics - Working Papers Series 800, The University of Melbourne.
  6. Paul Makdissi & Quentin Wodon, 2001. "Defining and Measuring (Extreme) Poverty," Cahiers de recherche 04-05, Departement d'Economique de la Faculte d'administration à l'Universite de Sherbrooke, revised 2004.
  7. Esfandiar Maasoumi & Le Wang, 2008. "Economic Reform, Growth and Convergence in China," Econometrics Journal, Royal Economic Society, vol. 11(1), pages 128-154, 03.
  8. Wiebke Kuklys & Ingrid Robeyns, 2004. "Sens's Capability Approach to Welfare Economics," Papers on Strategic Interaction 2004-03, Max Planck Institute of Economics, Strategic Interaction Group.
  9. Kuklys, W. & Robeyns, I., 2004. "Sen’s Capability Approach to Welfare Economics," Cambridge Working Papers in Economics 0415, Faculty of Economics, University of Cambridge.
  10. Rahman, Tauhidur & Mittelhammer, Ron C. & Wandschneider, Philip R., 2011. "Measuring quality of life across countries: A multiple indicators and multiple causes approach," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 40(1), pages 43-52, February.
  11. Maasoumi, Esfandiar & Racine, Jeff, 2002. "Entropy and predictability of stock market returns," Journal of Econometrics, Elsevier, vol. 107(1-2), pages 291-312, March.

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