Trade-Offs in a Multidimensional Human Development Index
Jaya Krishnakumar ()
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Jaya Krishnakumar: University of Geneva
Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, 2018, vol. 138, issue 3, 991-1022
Abstract This paper deals with the issue of trade-offs in an aggregate measure of well-being and argues for a simple multi-dimensional human development measure which allows no substitutability among the dimensions. From a theoretical point of view, our index is shown to satisfy desirable normative and statistical properties highlighted by the literature as well as the practical requirements of user-friendliness and simplicity. An alternative that is less stringent for policy is also analysed from the point of view of trade-offs, including a comparison of ‘social’ trade-offs with market trade-offs when the latter are available. We end the paper with two empirical illustrations, at macro and micro levels, comparing our index with other commonly used indices in each context.
Keywords: Multidimensional index; Well-being; Human development; Marginal rate of substitution (search for similar items in EconPapers)
JEL-codes: C43 I31 (search for similar items in EconPapers)
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