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Clusters of attributes and well-being in the USA

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Author Info
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)

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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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File URL: http://qed.econ.queensu.ca:80/jae/2001-v16.3/
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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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Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Esfandiar Maasoumi, 1993. "A compendium to information theory in economics and econometrics," Econometric Reviews, Taylor and Francis Journals, vol. 12(2), pages 137-181. [Downloadable!] (restricted)
  2. Maasoumi, Esfandiar & Racine, Jeff, 2002. "Entropy and predictability of stock market returns," Journal of Econometrics, Elsevier, vol. 107(1-2), pages 291-312, March. [Downloadable!] (restricted)
  3. Slottje, Daniel J, 1991. "Measuring the Quality of Life across Countries," The Review of Economics and Statistics, MIT Press, vol. 73(4), pages 684-93, November. [Downloadable!] (restricted)
  4. Atkinson, Anthony B & Bourguignon, Francois, 1982. "The Comparison of Multi-Dimensioned Distributions of Economic Status," Review of Economic Studies, Blackwell Publishing, vol. 49(2), pages 183-201, April. [Downloadable!] (restricted)
  5. Maasoumi, Esfandiar, 1986. "The Measurement and Decomposition of Multi-dimensional Inequality," Econometrica, Econometric Society, vol. 54(4), pages 991-97, July. [Downloadable!] (restricted)
  6. Rosen, Sherwin, 1974. "Hedonic Prices and Implicit Markets: Product Differentiation in Pure Competition," Journal of Political Economy, University of Chicago Press, vol. 82(1), pages 34-55, Jan.-Feb.. [Downloadable!] (restricted)
  7. Kolm, Serge-Christophe, 1977. "Multidimensional Egalitarianisms," The Quarterly Journal of Economics, MIT Press, vol. 91(1), pages 1-13, February. [Downloadable!] (restricted)
  8. Bart Hobijn & Philip Hans Franses, 2000. "Asymptotically perfect and relative convergence of productivity," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 15(1), pages 59-81. [Downloadable!]
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  9. Maasoumi, Esfandiar & Jeong, Jin Ho, 1985. "The trend and the measurement of world inequality over extended periods of accounting," Economics Letters, Elsevier, vol. 19(3), pages 295-301. [Downloadable!] (restricted)
  10. Gyourko, Joseph & Tracy, Joseph, 1991. "The Structure of Local Public Finance and the Quality of Life," Journal of Political Economy, University of Chicago Press, vol. 99(4), pages 774-806, August. [Downloadable!] (restricted)
  11. Maasoumi, Esfandiar & Nickelsburg, Gerald, 1988. "Multivariate Measures of Well-Being and an Analysis of Inequality in the Michigan Data," Journal of Business & Economic Statistics, American Statistical Association, vol. 6(3), pages 326-34, July.
  12. William D. Nordhaus & James Tobin, 1971. "Is Growth Obsolete?," Cowles Foundation Discussion Papers 319, Cowles Foundation, Yale University. [Downloadable!]
    Other versions:
    • William D. Nordhaus & James Tobin, 1973. "Is Growth Obsolete?," NBER Chapters, in: The Measurement of Economic and Social Performance, pages 509-564 National Bureau of Economic Research, Inc. [Downloadable!]
    • William D. Nordhaus & James Tobin, 1972. "Is Growth Obsolete?," NBER Chapters, in: Economic Research: Retrospect and Prospect Vol 5: Economic Growth, pages 1-80 National Bureau of Economic Research, Inc. [Downloadable!]
  13. Jorgenson, Dale W. & Slesnick, Daniel T., 1990. "Inequality and the standard of living," Journal of Econometrics, Elsevier, vol. 43(1-2), pages 103-120. [Downloadable!] (restricted)
  14. Blomquist, Glenn C & Berger, Mark C & Hoehn, John P, 1988. "New Estimates of Quality of Life in Urban Areas," American Economic Review, American Economic Association, vol. 78(1), pages 89-107, March. [Downloadable!] (restricted)
  15. Easterly, William, 1999. " Life during Growth," Journal of Economic Growth, Springer, vol. 4(3), pages 239-76, September. [Downloadable!] (restricted)
  16. Blin, Jean-Marie & Cohen, Claude, 1977. "Technological Similarity and Aggregation in Input-Output Systems: A Cluster-Analytic Approach," The Review of Economics and Statistics, MIT Press, vol. 59(1), pages 82-91, February. [Downloadable!] (restricted)
  17. Hirschberg, Joseph G. & Maasoumi, Esfandiar & Slottje, Daniel J., 1991. "Cluster analysis for measuring welfare and quality of life across countries," Journal of Econometrics, Elsevier, vol. 50(1-2), pages 131-150, October. [Downloadable!] (restricted)
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(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  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. [Downloadable!]
  2. 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. [Downloadable!]
  3. 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. [Downloadable!]
  4. Maasoumi, Esfandiar & Wang, Le, 2006. "Economic Reform, Growth and Convergence in China," Departmental Working Papers 0602, Southern Methodist University, Department of Economics. [Downloadable!]
    Other versions:
  5. Kuklys, W. & Robeyns, I., 2004. "Sen’s Capability Approach to Welfare Economics," Cambridge Working Papers in Economics 0415, Faculty of Economics, University of Cambridge. [Downloadable!]
  6. 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. [Downloadable!]
  7. 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. [Downloadable!]
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