Conversion Efficiency as a Complementing Measure of Welfare in Capability Space

Martin Binder () and Tom Broekel ()

MPRA Paper from University Library of Munich, Germany

Abstract: In the capability literature, studies on the empirical measurement in the functionings space are abundant and a few studies even measure capability to function. We suggest adopting a third measure of welfare relevant to economists, namely the "conversion efficiency" measuring the efficiency with which individuals convert their resources into achieved functioning. We use a nonparametric efficiency procedure and construct such a measure for a basket of basic functioning achievement, using data from the British Household Panel Survey (BHPS).

Keywords: conversion efficiency; welfare measurement; robust nonparametric efficiency analysis; functioning production (search for similar items in EconPapers)
JEL-codes: I12 I31 R15 I32 (search for similar items in EconPapers)
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Date: Written
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