The Human Value Index
The Human Development Index (HDI), implemented by the United Nations Development Programme, is widely accepted as a metric for the development of economies that can be compared through time and space. This index is a weighted combination of income per capita, life expectancy and education indicators. These weights have been set without any theoretical or empirical rationale. This paper's goal is to reinterpret the data used in the HDI is a way that has economic meaning, not just by determining some optimal weights, but rather by compute the value a citizen would get from being born and living in a particular country. This Human Value Index (HVI) is then compared to the HDI. We also compute the Inequality-adjusted HVI corresponding to the Inequality-adjusted HDI.
|Date of creation:||2013|
|Date of revision:|
|Contact details of provider:|| Postal: Society for Economic Dynamics Marina Azzimonti Department of Economics Stonybrook University 10 Nicolls Road Stonybrook NY 11790 USA|
Web page: http://www.EconomicDynamics.org/
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- Viscusi, W Kip & Aldy, Joseph E, 2003.
"The Value of a Statistical Life: A Critical Review of Market Estimates throughout the World,"
Journal of Risk and Uncertainty,
Springer, vol. 27(1), pages 5-76, August.
- W. Kip Viscusi & Joseph E. Aldy, 2003. "The Value of a Statistical Life: A Critical Review of Market Estimates throughout the World," NBER Working Papers 9487, National Bureau of Economic Research, Inc.
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