Maximising, Satisficing, Weights and the Evaluation of Macroeconomic Comparisons
The success or failure of macroeconomic policy over time and in comparison to other countries is an important item in political discussions. The present paper discusses the relative advantages and disadvantages of different forms of indices which aim at an aggregated picture for macroeconomic evaluations. Maximising, satisficing, and weights in multi-item indices are discussed on a principal level. In the final section a simple numerical example comparing different countries serves as an illustration of some of the main aspects. It is shown that alternative forms can yield important differences in ranking and offer alternative insights.
Volume (Year): 13 (1999)
Issue (Month): 2 ()
|Contact details of provider:|| Web page: http://www.tandfonline.com/CIRA20|
|Order Information:||Web: http://www.tandfonline.com/pricing/journal/CIRA20|
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Easterlin, Richard A., 1995. "Will raising the incomes of all increase the happiness of all?," Journal of Economic Behavior & Organization, Elsevier, vol. 27(1), pages 35-47, June.
- Oswald, Andrew J, 1997.
"Happiness and Economic Performance,"
Royal Economic Society, vol. 107(445), pages 1815-31, November.
- Oswald, A.J., 1997. "Happiness and Economic Performance," Papers 18, Centre for Economic Performance & Institute of Economics.
- Oswald, Andrew, 1997. "Happiness and Economic Performance," The Warwick Economics Research Paper Series (TWERPS) 478, University of Warwick, Department of Economics.
- Dowrick, Steve, 1996. "Swedish Economic Performance and Swedish Economic Debate: A View from Outside," Economic Journal, Royal Economic Society, vol. 106(439), pages 1772-79, November.
- James K. Galbraith, 1997. "Time to Ditch the NAIRU," Journal of Economic Perspectives, American Economic Association, vol. 11(1), pages 93-108, Winter.
- Layton, Allan P, 1992. "An Estimated Australian Macroeconomic Misery Index," The Economic Record, The Economic Society of Australia, vol. 68(201), pages 118-24, June.
- van Witteloostuijn, Arjen, 1988. "Maximising and satisficing opposite or equivalent concepts?," Journal of Economic Psychology, Elsevier, vol. 9(3), pages 289-313, September.
When requesting a correction, please mention this item's handle: RePEc:taf:irapec:v:13:y:1999:i:2:p:207-217. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Michael McNulty)
If references are entirely missing, you can add them using this form.