IDEAS home Printed from https://ideas.repec.org/a/eee/soceps/v98y2025ics003801212400315x.html
   My bibliography  Save this article

Assessing changes in wealth index using primary survey data

Author

Listed:
  • Kumar, Sandeep
  • Chakraverty, S.
  • Sethi, Narayan

Abstract

In this study, we have introduced a new method to develop the Wealth Index (WI). In this regard, primary survey data, along with secondary data obtained from the National Family Health Survey-4 (NFHS-4) and NFHS-5 datasets, is used to construct the WI for the Koraput district in the Indian state of Odisha. Furthermore, we compared the WI obtained from the primary data with the WI obtained from the NFHS-4 and NFHS-5 data sets for Koraput and Odisha. Furthermore, to analyze wealth disparities at a finer scale, we computed and compared sub-indices in a similar manner to the WI. To develop the WI, we adopted a novel approach based on principal component analysis (PCA) with orthogonal rotation of factors whose eigenvalue is greater than 1 to utilize the maximum variance of data. The results derived from the WI and its sub-indices indicate that, when contrasted with Odisha as a whole, Koraput exhibits a lower level of wealth. The findings also reveal that, over time, there has been some improvement in wealth conditions, but they remain a cause for serious concern. Overall, the WI for the said district presents critical results, underscoring the urgent need for government or NGO intervention.

Suggested Citation

  • Kumar, Sandeep & Chakraverty, S. & Sethi, Narayan, 2025. "Assessing changes in wealth index using primary survey data," Socio-Economic Planning Sciences, Elsevier, vol. 98(C).
    • Handle: RePEc:eee:soceps:v:98:y:2025:i:c:s003801212400315x
    DOI: 10.1016/j.seps.2024.102115
    as

    Download full text from publisher

    File URL: http://www.sciencedirect.com/science/article/pii/S003801212400315X
    Download Restriction: Full text for ScienceDirect subscribers only
    File URL: https://libkey.io/10.1016/j.seps.2024.102115?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. Mathieu J. P. Poirier & Karen A. Grépin & Michel Grignon, 2020. "Approaches and Alternatives to the Wealth Index to Measure Socioeconomic Status Using Survey Data: A Critical Interpretive Synthesis," Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, Springer, vol. 148(1), pages 1-46, February.
    2. Joseph Hackman & Daniel Hruschka & Mariya Vizireanu, 2021. "An Agricultural Wealth Index for Multidimensional Wealth Assessments," Population and Development Review, The Population Council, Inc., vol. 47(1), pages 237-254, March.
    3. J. A. Hartigan & M. A. Wong, 1979. "A K‐Means Clustering Algorithm," Journal of the Royal Statistical Society Series C, Royal Statistical Society, vol. 28(1), pages 100-108, March.
    4. Henry Kaiser, 1958. "The varimax criterion for analytic rotation in factor analysis," Psychometrika, Springer;The Psychometric Society, vol. 23(3), pages 187-200, September.
    5. Jeroen Smits & Roel Steendijk, 2015. "The International Wealth Index (IWI)," Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, Springer, vol. 122(1), pages 65-85, May.
    6. Ana Llena-Nozal & Neil Martin & Fabrice Murtin, 2019. "The economy of well-being: Creating opportunities for people’s well-being and economic growth," OECD Statistics Working Papers 2019/02, OECD Publishing.
    7. Min Weng & Jianhua Pi & Bingqing Tan & Shiliang Su & Zhongliang Cai, 2017. "Area Deprivation and Liver Cancer Prevalence in Shenzhen, China: A Spatial Approach Based on Social Indicators," Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, Springer, vol. 133(1), pages 317-332, August.
    8. Sandeep Kumar & Snehashish Chakraverty & Narayan Sethi, 2023. "Multidimensional Poverty: CMPI Development, Spatial Analysis and Clustering," Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, Springer, vol. 169(1), pages 647-670, September.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Bucciol, Alessandro & Burro, Giovanni, 2022. "Is there a happiness premium for working in the public sector? Evidence from Italy," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 97(C).
    2. CROCODILE study group, 2023. "Feasibility of the International Wealth Index and the Gapminder tool as instruments to assess household income and estimate catastrophic expenditure: A prospective patient-level cohort study in India," PLOS ONE, Public Library of Science, vol. 18(5), pages 1-12, May.
    3. Bonhomme, Stphane & Robin, Jean-Marc, 2009. "Consistent noisy independent component analysis," Journal of Econometrics, Elsevier, vol. 149(1), pages 12-25, April.
    4. Fernando Castelló-Sirvent & Pablo Pinazo-Dallenbach, 2021. "Corruption Shock in Mexico: fsQCA Analysis of Entrepreneurial Intention in University Students," Mathematics, MDPI, vol. 9(14), pages 1-31, July.
    5. Rodríguez-Fuentes, Carlos Javier & Hernández-López, Montserrat, 1997. "Análisis de diferencias estructurales interregionales determinantes en el impacto de la política monetaria," Estudios de Economia Aplicada, Estudios de Economia Aplicada, vol. 7, pages 141-157, Junio.
    6. Enrico Ivaldi, 2013. "Proposal of a country risk index based on a factorial analysis - Una proposta di indice di rischio paese basato sull’analisi fattoriale: una applicazione ai paesi del sud del Mediterraneo e ai paesi d," Economia Internazionale / International Economics, Camera di Commercio Industria Artigianato Agricoltura di Genova, vol. 66(2), pages 231-249.
    7. De Nicola, Arianna & Gitto, Simone & Mancuso, Paolo, 2013. "Airport quality and productivity changes: A Malmquist index decomposition assessment," Transportation Research Part E: Logistics and Transportation Review, Elsevier, vol. 58(C), pages 67-75.
    8. Iara Oliveira Fernandes & José Fernandes de Melo Filho & Karolina Oliveira Rocha Montenegro & Ésio de Castro Paes & Sergio Ricardo Matos Almeida & João Albany Costa & Franceli da Silva, 2024. "Physical and Chemical Attributes of Yellow Oxisol With the Application of Cassava Wastewater After Intensive Mechanical Preparation," Journal of Agricultural Science, Canadian Center of Science and Education, vol. 11(6), pages 113-113, April.
    9. Ponzoa, José M. & Gómez, Andrés & Mas, José M., 2023. "EU27 and USA institutions in the digital ecosystem: Proposal for a digital presence measurement index," Journal of Business Research, Elsevier, vol. 154(C).
    10. Thomas Despois & Catherine Doz, 2023. "Identifying and interpreting the factors in factor models via sparsity: Different approaches," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 38(4), pages 533-555, June.
    11. Xia Vivian Zhou & Kimberly L. Jensen & James A. Larson & Burton C. English, 2021. "Farmer Interest in and Willingness to Grow Pennycress as an Energy Feedstock," Energies, MDPI, vol. 14(8), pages 1-16, April.
    12. Matkovskyy, Roman & Bouraoui, Taoufik & Hammami, Helmi, 2016. "Analysing the financial strength of Tunisia: An approach to estimate an index of financial safety," Research in International Business and Finance, Elsevier, vol. 38(C), pages 485-493.
    13. Kolos Cs. Ágoston & Marianna E.-Nagy, 2024. "Mixed integer linear programming formulation for K-means clustering problem," Central European Journal of Operations Research, Springer;Slovak Society for Operations Research;Hungarian Operational Research Society;Czech Society for Operations Research;Österr. Gesellschaft für Operations Research (ÖGOR);Slovenian Society Informatika - Section for Operational Research;Croatian Operational Research Society, vol. 32(1), pages 11-27, March.
    14. Zhang, Weibin & Zha, Huazhu & Zhang, Shuai & Ma, Lei, 2023. "Road section traffic flow prediction method based on the traffic factor state network," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 618(C).
    15. Chuanbo Shen & Solomon Asante-Okyere & Yao Yevenyo Ziggah & Liang Wang & Xiangfeng Zhu, 2019. "Group Method of Data Handling (GMDH) Lithology Identification Based on Wavelet Analysis and Dimensionality Reduction as Well Log Data Pre-Processing Techniques," Energies, MDPI, vol. 12(8), pages 1-16, April.
    16. repec:osf:socarx:49qxk_v1 is not listed on IDEAS
    17. Metaxas, Theodore & Kallioras, Dimitris, 2013. "Small and medium-sized firms' competitiveness and territorial characteristics/assets: The cases of Bari, Varna and Thessaloniki," MPRA Paper 52446, University Library of Munich, Germany.
    18. Donald R. Epley, 2001. "US Real Estate Agent Income and Commercial/Investment Activities," Journal of Real Estate Research, American Real Estate Society, vol. 21(3), pages 221-244.
    19. Christiane Riedinger & Jackie Campbell & William M P Klein & Rebecca A Ferrer & Juliet A Usher-Smith, 2022. "Analysis of the components of cancer risk perception and links with intention and behaviour: A UK-based study," PLOS ONE, Public Library of Science, vol. 17(1), pages 1-16, January.
    20. Suranjan Sinha & Surajit Chakraborty & Shatrajit Goswami, 2017. "Ecological footprint: an indicator of environmental sustainability of a surface coal mine," Environment, Development and Sustainability: A Multidisciplinary Approach to the Theory and Practice of Sustainable Development, Springer, vol. 19(3), pages 807-824, June.
    21. Hauck, Jana & Suess-Reyes, Julia & Beck, Susanne & Prügl, Reinhard & Frank, Hermann, 2016. "Measuring socioemotional wealth in family-owned and -managed firms: A validation and short form of the FIBER Scale," Journal of Family Business Strategy, Elsevier, vol. 7(3), pages 133-148.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eee:soceps:v:98:y:2025:i:c:s003801212400315x. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Catherine Liu (email available below). General contact details of provider: http://www.elsevier.com/locate/seps .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.