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Measuring Economic Insecurity

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Author Info

  • BOSSERT, Walter
  • D’AMBROSIO, Conchita

Abstract

We provide a systematic treatment of the notion of economic insecurity, assuming that an individual’s sentiment of insecurity depends on the current wealth level and its variations experienced in the past. We think of wealth as a comprehensive variable encompassing anything that may help in coping with adverse occurrences. The current wealth level could also be interpreted as incorporating the individual’s evaluation of future prospects. Variations in wealth experienced in the recent past are given higher weight than experiences that occurred in the more distant past. Two classes of measures are characterized with sets of plausible and intuitive axioms.

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File URL: http://hdl.handle.net/1866/2743
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Bibliographic Info

Paper provided by Universite de Montreal, Departement de sciences economiques in its series Cahiers de recherche with number 2009-06.

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Length: 20 pages
Date of creation: 2009
Date of revision:
Handle: RePEc:mtl:montde:2009-06

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Keywords: Insecurity; Wealth Distribution; Social Index Numbers;

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References

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  1. Horst Zank, 2007. "Social welfare functions with a reference income," Social Choice and Welfare, Springer, vol. 28(4), pages 609-636, June.
  2. Bossert, Walter, 1990. "An axiomatization of the single-series Ginis," Journal of Economic Theory, Elsevier, vol. 50(1), pages 82-92, February.
  3. Lars Osberg, 1998. "Economic Insecurity," Discussion Papers 0088, University of New South Wales, Social Policy Research Centre.
  4. WEYMARK, John A., . "Generalized Gini inequality indices," CORE Discussion Papers RP -453, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  5. Atkinson, Anthony B., 1970. "On the measurement of inequality," Journal of Economic Theory, Elsevier, vol. 2(3), pages 244-263, September.
  6. Rothschild, Michael & Stiglitz, Joseph E., 1971. "Increasing risk II: Its economic consequences," Journal of Economic Theory, Elsevier, vol. 3(1), pages 66-84, March.
  7. Sen, Amartya, 1973. "On Economic Inequality," OUP Catalogue, Oxford University Press, number 9780198281931.
  8. Donaldson, David & Weymark, John A., 1980. "A single-parameter generalization of the Gini indices of inequality," Journal of Economic Theory, Elsevier, vol. 22(1), pages 67-86, February.
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Cited by:
  1. Moreno-Ternero, Juan D. & Østerdal, Lars Peter, 2014. "Normative foundations for equity-sensitive population health evaluation functions," COHERE Working Paper 2014:1, COHERE - Centre of Health Economics Research, University of Southern Denmark.
  2. Corman, Hope & Noonan, Kelly & Reichman, Nancy E. & Schultz, Jennifer, 2012. "Effects of financial insecurity on social interactions," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 41(5), pages 574-583.

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