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Weights in Multidimensional Indices of Wellbeing: An Overview

Koen Decancq () and Maria Ana Lugo ()

Econometric Reviews, 2013, vol. 32, issue 1, 7-34

Abstract: Multidimensional indices are becoming increasingly important instruments to assess the wellbeing of societies. They move beyond the focus on a single indicator and yet they are easy to present and communicate. A crucial step in the construction of a multidimensional index of wellbeing is the selection of the relative weights for the different dimensions. The aim of this article is to study the role of these weights and to critically survey eight different approaches to set them. We categorize the approaches in three classes: data-driven, normative, and hybrid weighting, and compare their respective advantages and drawbacks.

Date: 2013
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Working Paper: Weights in multidimensional indices of wellbeing: an overview (2013) Downloads
Working Paper: Weights in multidimensional indices of well-being: an overview (2010) Downloads
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Handle: RePEc:taf:emetrv:v:32:y:2013:i:1:p:7-34