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Hybrid Ranking Proposal Based on Spatial Econometrics: An Example of European Economic Freedoms

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  • Serkan Cahit Dinc

    (Sivas Cumhuriyet Universitesi, Sosyal Bilimler Enstitusu, Ekonometri Bolumu, Sivas, Turkiye)

  • Necati Alp Erilli

    (Sivas Cumhuriyet Universitesi, Iktisadi ve Idari Bilimler Fakultesi., Ekonometri Bolumu, Sivas, Turkiye.)

Abstract

Data sorting and index research are any processesthatinclude arranging data in a meaningful orderto aid comprehension, analysis, or visualization. When working with research data, sorting is a frequent strategy for displaying data in a way that makesthe story that the data tells more understandable. In thisresearch, a hybrid method involving spatial econometrics, fuzzy clustering analysis, and multicriteria decision making was proposed for a unified measure ranking of the quality of political–economic institutions in different jurisdictions such as economic freedoms. The suggested technique was calculated and compared using the Heritage Foundation economic freedom statistics for the years 2019, 2020, and 2021. Between the derived findings and original results, a correlation coefficient of 92% was computed. The proposed strategy is effective in comparable socioeconomic ranking and index research.

Suggested Citation

  • Serkan Cahit Dinc & Necati Alp Erilli, 2022. "Hybrid Ranking Proposal Based on Spatial Econometrics: An Example of European Economic Freedoms," EKOIST Journal of Econometrics and Statistics, Istanbul University, Faculty of Economics, vol. 0(36), pages 205-233, June.
    • Handle: RePEc:ist:ekoist:v:0:y:2022:i:36:p:205-233
    DOI: 10.26650/ekoist.2022.36.1024567
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    References listed on IDEAS

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    1. James D. Gwartney & Robert A. Lawson & Randall G. Holcombe, 1999. "Economic Freedom and the Environment for Economic Growth," Journal of Institutional and Theoretical Economics (JITE), Mohr Siebeck, Tübingen, vol. 155(4), pages 643-643, December.
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    8. Arash Ketabforoush Badri & Aidin Poorabdollahi Sheshgelani, 2017. "Economic Freedom and FDI in Selected Developing Countries," Noble International Journal of Economics and Financial Research, Noble Academic Publsiher, vol. 2(5), pages 82-87, May.
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    Cited by:

    1. Çağatay KARAKÖY & Alptekin ULUTAŞ & Darjan KARABASEVIC & Salim ÜRE & Ali Oğuz BAYRAKÇIL, 2023. "The Evaluation of Economic Freedom Indexes of EU Countries with a GREY Hybrid MCDM Model," Journal for Economic Forecasting, Institute for Economic Forecasting, vol. 0(1), pages 129-144, March.

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