The Construction of an Integrated and Transparent Index of Wellbeing
Aleksandar Stanojević () and
Jože Benčina ()
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Aleksandar Stanojević: Statistical Office of the Republic of Slovenia
Jože Benčina: University of Ljubljana
Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, 2019, vol. 143, issue 3, No 5, 995-1015
Abstract The article presents the bases, objectives, process and results of the procedure for the creation of the new health and education, political system, economy (HEPE) well-being index. The approach is based on the fact that existing indices are quite limited, and that several researchers recognise the need to find the optimal well-being index. The aim of this research was to create a transparent index, which is based on publicly available data, is comparable to other indices, comprehensively summarises the concept of well-being and provides a multi-dimensional analysis of well-being. Accessibility, repeatability and the possibility of upgrading the index is achieved by taking into account only freely accessible variables and by carrying out a transparent calculation of the index. The HEPE index is calculated on the basis of the Schneider’s method which includes the factor analysis, the calculation of weights and the calculation of index as the weighted sum of indicators. The result is a transparent index composed of three pillars: health and education, political system, economy. It makes it possible to analyse the causes for the states shown, thereby opening the possibility for its use in the formulation and evaluation of well-being policies.
Keywords: Wellbeing index; Factor analysis; Gross domestic product; HEPE (search for similar items in EconPapers)
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