Clusters of Attributes and Well-Being in the US

Joseph Hirschberg, Esfandiar Maasoumi and Daniel Slottje

No 778, Department of Economics - Working Papers Series from The University of Melbourne

Abstract: Using ARIMA models and entropy, the dynamic evolution of several functions of aggregate income and other attributes of well-being is analyzed for statistical "similarity" in order to determine potentially distinct dimensions in multidimensional analysis of welfare and quality of life in the US. The entropy metric compares entire distributions and is more general than principal components and other correlation-based techniques for clustering. To help macroeconomic policy makers, we compare the distribution of several composite measures of well-being, including income, with the distribution of some common measures of aggregate income over the period 1915-1995.

Keywords: Time Series; Information Measures; Aggregate Well-being; Entropy (search for similar items in EconPapers)
JEL-codes: C14 C82 I31 (search for similar items in EconPapers)
Pages: 26 pages
Date: 2001
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Citations: View citations in EconPapers (7)

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