Clusters of Attributes and Well-Being in the US

Joseph Gerald Hirschberg (), E. Maasoumi and D.J. Slottje
Authors registered in the RePEc Author Service: Esfandiar Maasoumi and Esfandiar Maasoumi ()

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: C82 I31 C14 (search for similar items in EconPapers)
Date: 2001
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Journal Article: Clusters of attributes and well-being in the USA (2001)
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