Hybrid Ranking Proposal Based on Spatial Econometrics: An Example of European Economic Freedoms

Serkan Cahit Dinc () and Necati Alp Erilli ()
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Serkan Cahit Dinc: Sivas Cumhuriyet Universitesi, Sosyal Bilimler Enstitusu, Ekonometri Bolumu, Sivas, Turkiye
Necati Alp Erilli: Sivas Cumhuriyet Universitesi, Iktisadi ve Idari Bilimler Fakultesi., Ekonometri Bolumu, Sivas, Turkiye.

EKOIST Journal of Econometrics and Statistics, 2022, vol. 0, issue 36, 205-233

Abstract: Data sorting and index research are any processesthatinclude arranging data in a meaningful orderto aid comprehension, analysis, or visualization. When working with research data, sorting is a frequent strategy for displaying data in a way that makesthe story that the data tells more understandable. In thisresearch, a hybrid method involving spatial econometrics, fuzzy clustering analysis, and multicriteria decision making was proposed for a unified measure ranking of the quality of political–economic institutions in different jurisdictions such as economic freedoms. The suggested technique was calculated and compared using the Heritage Foundation economic freedom statistics for the years 2019, 2020, and 2021. Between the derived findings and original results, a correlation coefficient of 92% was computed. The proposed strategy is effective in comparable socioeconomic ranking and index research.

Keywords: Moran-I Statistics; Economic Freedom; Fuzzy C-Means; Spatial Econometrics; COPRAS (search for similar items in EconPapers)
Date: 2022
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Citations: View citations in EconPapers (1)

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Persistent link: https://EconPapers.repec.org/RePEc:ist:ekoist:v:0:y:2022:i:36:p:205-233

DOI: 10.26650/ekoist.2022.36.1024567

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