Weights in multidimensional indices of wellbeing: an overview
AbstractMultidimensional indices are becoming increasingly important instruments to assess the well-being of societies. They move beyond the focus on a single indicator and yet, are easy to present and communicate. A crucial step in the construction of a multidimensional index of well-being is the selection of the relative weights for the different dimensions. The aim of this paper is to study the role of these weights and to critically survey eight different approaches to set them. We categorize the approaches in three classes: data-driven, normative and hybrid weighting, and compare their respective advantages and drawbacks.
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Bibliographic InfoPaper provided by Université catholique de Louvain, Center for Operations Research and Econometrics (CORE) in its series CORE Discussion Papers RP with number -2493.
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Note: In : Econometric Reviews, 32(1), 7-34, 2013
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Other versions of this item:
- Koen Decancq & MarÃa Ana Lugo, 2013. "Weights in Multidimensional Indices of Wellbeing: An Overview," Econometric Reviews, Taylor & Francis Journals, Taylor & Francis Journals, vol. 32(1), pages 7-34, January.
- Koen DECANCQ & MarÃa Ana LUGO, 2010. "Weights in multidimensional indices of well-being: an overview," Center for Economic Studies - Discussion papers, Katholieke Universiteit Leuven, Centrum voor Economische StudiÃ«n ces10.06, Katholieke Universiteit Leuven, Centrum voor Economische StudiÃ«n.
- I31 - Health, Education, and Welfare - - Welfare, Well-Being, and Poverty - - - General Welfare, Well-Being
- C43 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods: Special Topics - - - Index Numbers and Aggregation
- O1 - Economic Development, Technological Change, and Growth - - Economic Development
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