Multivariate Analysis of the Sustainable Development of the Silver Economy in the European Union Countries

Beata Bieszk-Stolorz (), Krzysztof Dmytrów and Ewa Frąckiewicz
Additional contact information
Beata Bieszk-Stolorz: Institute of Economics and Finance, University of Szczecin, 71-101 Szczecin, Poland
Krzysztof Dmytrów: Institute of Economics and Finance, University of Szczecin, 71-101 Szczecin, Poland
Ewa Frąckiewicz: Institute of Management, University of Szczecin, 71-004 Szczecin, Poland

Sustainability, 2024, vol. 16, issue 23, 1-21

Abstract: The ageing of societies is one of the biggest challenges of the modern world. The response to this new reality is the development of the silver economy. It is a multidimensional concept that is an extremely important factor in sustainable development. The aim of this article is to compare EU countries according to selected aspects of the development of the silver economy. This study covered the years 2009–2021. It was conducted on the basis of data from the Eurostat database. This study used multivariate statistical analysis methods: k -means, COmplex PRoportional ASsessment (COPRAS) in a dynamic approach, Dynamic Time Warping (DTW) and hierarchical clustering. EU countries differ in terms of the studied aspects of the silver economy in a north–south direction. In the period under study, there were significant changes in the country rankings and these changes were not the same for the EU countries. Also, most EU countries indicated improvements in terms of analyzed aspects of the silver economy. An innovative approach is the use of the COPRAS method in a dynamic approach, thanks to which it is possible to develop not only country rankings, but also to analyze the dynamics of changes.

Keywords: silver economy; EU countries; sustainable development; k -means; COPRAS; DTW; hierarchical clustering (search for similar items in EconPapers)
JEL-codes: O13 Q Q0 Q2 Q3 Q5 Q56 (search for similar items in EconPapers)
Date: 2024
References: View references in EconPapers View complete reference list from CitEc
Citations:

Downloads: (external link)
https://www.mdpi.com/2071-1050/16/23/10703/pdf (application/pdf)
https://www.mdpi.com/2071-1050/16/23/10703/ (text/html)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:gam:jsusta:v:16:y:2024:i:23:p:10703-:d:1538098

Access Statistics for this article

Sustainability is currently edited by Ms. Alexandra Wu

More articles in Sustainability from MDPI
Bibliographic data for series maintained by MDPI Indexing Manager ().