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Comparison of Venezuela´s minimum wage purchasing power with that in four Latin-American countries in 2008

Author

Listed:
  • Georges Jabbour

    () (Departamento de Investigación de Operaciones, Escuela de Ingeniería de Sistemas, Facultad de Ingeniería, Universidad de Los Andes. Núcleo Universitario “Pedro Rincón Gutiérrez”, Edificio B, Sector La Hechicera, Mérida, Venezuela. Código Postal 5101.)

  • Vicente Ramírez

    () (Departamento de Investigación de Operaciones, Escuela de Ingeniería de Sistemas, Facultad de Ingeniería. Universidad de Los Andes. Núcleo Universitario “Pedro Rincón Gutiérrez”, Edificio B, Sector La Hechicera, Mérida, Venezuela. Código Postal 5101.)

  • Carely Guada

    () (Estudiante de la Maestría en Estadística Aplicada y Computación. Instituto de Estadística Aplicada y Computación, Facultad de Ciencias Económicas y Sociales.)

Abstract

This paper compares Venezuela´s minimum wage purchasing power with those in Argentina, Colombia, Chile and Peru, using data mining. Using Bayesian networks, it was found that the consumption pattern for the 108 goods considered is similar in these countries. The order of countries according to their minimum wage purchasing power from highest to lowest was found to be Argentina, Chile, Colombia, Venezuela and Peru. Results obtained by means of variance analysis pointed out that the variables that influenced the observed price difference between Venezuela and each other country are: type, origin and degree of necessity of each good, gender and, in particular, goods for infants and the elderly.

Suggested Citation

  • Georges Jabbour & Vicente Ramírez & Carely Guada, 2012. "Comparison of Venezuela´s minimum wage purchasing power with that in four Latin-American countries in 2008," Economía, Instituto de Investigaciones Económicas y Sociales (IIES). Facultad de Ciencias Económicas y Sociales. Universidad de Los Andes. Mérida, Venezuela, vol. 37(33), pages 143-164, January-j.
  • Handle: RePEc:ula:econom:v:37:y:2012:i:33:p:143-164
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    Keywords

    Minimum wage purchasing power; data mining; bayesian networks; analysis of variance.;

    JEL classification:

    • C19 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: General - - - Other
    • J39 - Labor and Demographic Economics - - Wages, Compensation, and Labor Costs - - - Other

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