Composite Indices: Rank Robustness, Statistical Association, and Redundancy
AbstractThis article evaluates the robustness of rankings obtained from composite indices that combine information from two or more components via a weighted sum. It examines the empirical prevalence of robust comparisons using the method proposed by Foster et al. (2010). Indices examined are the Human Development Index (HDI), the Index of Economic Freedom (IEF), and the Environmental Performance Index (EPI). Key theoretical results demonstrate links between the prevalence of robust comparisons, Kendall's tau rank correlation coefficient, and statistical association across components. Implications for redundancy among index components are also examined.
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Bibliographic InfoArticle provided by Taylor & Francis Journals in its journal Econometric Reviews.
Volume (Year): 32 (2013)
Issue (Month): 1 (January)
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Other versions of this item:
- James Foster & Mark McGillivray & Suman Seth, 2011. "Composite Indices: Rank Robustness, Statistical Association and Redundancy," Working Papers 2011-19, The George Washington University, Institute for International Economic Policy.
- I31 - Health, Education, and Welfare - - Welfare, Well-Being, and Poverty - - - General Welfare, Well-Being
- O12 - Economic Development, Technological Change, and Growth - - Economic Development - - - Microeconomic Analyses of Economic Development
- O15 - Economic Development, Technological Change, and Growth - - Economic Development - - - Economic Development: Human Resources; Human Development; Income Distribution; Migration
- C02 - Mathematical and Quantitative Methods - - General - - - Mathematical Economics
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