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Clusters of Attributes and Well-Being in the US

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  • Hirschberg, J.G.
  • Maasoumi, E.
  • Slottje, D.J.

Abstract

Using ARIMA models and entropy, the dynamic evolution of several functions of aggregate income and other attributes of well-being is analyzed for statistical "similarity" in order to determine potentially distinct dimensions in multidimensional analysis of welfare and quality of life in the US. 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, including income, with the distribution of some common measures of aggregate income over the period 1915-1995.

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Bibliographic Info

Paper provided by The University of Melbourne in its series Department of Economics - Working Papers Series with number 778.

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Length: 26 pages
Date of creation: 2001
Date of revision:
Handle: RePEc:mlb:wpaper:778

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Postal: Department of Economics, The University of Melbourne, 5th Floor, Economics and Commerce Building, Victoria, 3010, Australia
Phone: +61 3 8344 5289
Fax: +61 3 8344 6899
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Web page: http://www.economics.unimelb.edu.au
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Related research

Keywords: Time Series; Information Measures; Aggregate Well-being; Entropy;

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References

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  1. Kolm, Serge-Christophe, 1977. "Multidimensional Egalitarianisms," The Quarterly Journal of Economics, MIT Press, vol. 91(1), pages 1-13, February.
  2. 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.
  3. 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.
  4. 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.
  5. 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.
  6. 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.
  7. 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.
    • 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.
  8. 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.
  9. 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.
  10. Maharaj, E.A., 1994. "A Significance Test for Classifying ARMA Models," Monash Econometrics and Business Statistics Working Papers 18/94, Monash University, Department of Econometrics and Business Statistics.
  11. Easterly, William, 1999. " Life during Growth," Journal of Economic Growth, Springer, vol. 4(3), pages 239-76, September.
  12. Maasoumi, Esfandiar & Racine, Jeff, 2002. "Entropy and predictability of stock market returns," Journal of Econometrics, Elsevier, vol. 107(1-2), pages 291-312, March.
  13. Atkinson, Anthony B & Bourguignon, Francois, 1982. "The Comparison of Multi-Dimensioned Distributions of Economic Status," Review of Economic Studies, Wiley Blackwell, vol. 49(2), pages 183-201, April.
  14. Jorgenson, Dale W. & Slesnick, Daniel T., 1990. "Inequality and the standard of living," Journal of Econometrics, Elsevier, vol. 43(1-2), pages 103-120.
  15. 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..
  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.
  17. Maasoumi, Esfandiar, 1986. "The Measurement and Decomposition of Multi-dimensional Inequality," Econometrica, Econometric Society, vol. 54(4), pages 991-97, July.
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Citations

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Cited by:
  1. 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.
  2. Maasoumi, Esfandiar & Wang, Le, 2006. "Economic Reform, Growth and Convergence in China," Departmental Working Papers 0602, Southern Methodist University, Department of Economics.
  3. 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.
  4. 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.
  5. 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).
  6. 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.
  7. Kuklys, W. & Robeyns, I., 2004. "Sen’s Capability Approach to Welfare Economics," Cambridge Working Papers in Economics 0415, Faculty of Economics, University of Cambridge.
  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.
  9. 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.

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