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One Market, One Number? A Composite Indicator Assessment of EU Internal Market Dynamics

  • Laurens Cherchye

    ()

  • Knox Lovell

    ()

  • Wim Moesen

    ()

  • Tom Van Puyenbroeck

    ()

We consider the lack of consensus about an appropriate theoretical framework linking sub-indicators as a defining characteristic of composite indicators. This intrinsic feature implies uncertainties about the appropriate normalisation and aggregation of the raw data. The two are related: index theory offers some valuable guidelines about their connection. Yet these do not fully solve the basic problem of expert disagreement. We embed such (residual) disagreement in the aggregation method itself. Specifically, we apply an impartial benefit-of-the-doubt weighting procedure, where weight restrictions incorporate the available information on experts’ opinions. We apply this procedure to the dynamic performance assessment of EU Internal Market effects, thereby highlighting its capacity to disaggregate member states’ observed performance shifts into changes relative to benchmarks and performance changes of the benchmarks (i.e. catching up versus genuine progress). Our results indicate that the latter factor is more important in explaining the observed progress.

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Paper provided by Katholieke Universiteit Leuven, Centrum voor Economische Studiën, Working Group Public Economics in its series Public Economics Working Paper Series with number ces0513.

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Length: 37 pp.
Date of creation: 2005
Date of revision:
Handle: RePEc:wpe:papers:ces0513
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  13. Timo Kuosmanen & Laurens Cherchye & Timo Sipiläinen, 2003. "The Law of One Price in Data Envelopment Analysis: Restricting Weight Flexibility Across Firms," Microeconomics 0312006, EconWPA, revised 18 Dec 2003.
  14. Hopkins, Michael, 1991. "Human development revisited: A new UNDP report," World Development, Elsevier, vol. 19(10), pages 1469-1473, October.
  15. Frederik Booysen, 2002. "An Overview and Evaluation of Composite Indices of Development," Social Indicators Research, Springer, vol. 59(2), pages 115-151, August.
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