Multi–Objective Optimization of Well–Being in the Eu-Ropean Union Member STATES

Tomas Balešentis, Alvydas Balešentis and Willem K. M. Brauers
Authors registered in the RePEc Author Service: Tomas Baležentis

Economic Research-Ekonomska Istraživanja, 2011, vol. 24, issue 4, 1-15

Abstract: Well-being is of crucial importance for both individual and society as a whole. It is therefore important to quantify performance and progress made by certain states, regions, communities, social groups, and individuals in improving their well–being. The aim of study was to offer a new framework for multi–criteria assessment as well as international comparison of objective well–being. Well–being is a multi–dimensional phenomenon; hence the appropriate indicator system should be capable to identify the most important underlying processes influencing well–being. For our research we have established the indicator system of twelve indicators identifying various dimensions of well–being. Therefore we propose MULTIMOORA, a model which can be used for approaching the objective of societal well–being. It is applied for international comparison of the well-being in the EU Member States. Consequently, it was revealed that Ireland, the Netherlands, Denmark, Austria, France, Cyprus, Finland, Germany, and Belgium have achieved the highest level of well–being as of 2009. At the other end of spectrum, Czech Republic, Lithuania, Slovakia, Bulgaria, Poland, Hungary, Estonia, Latvia, and Romania can be considered as those peculiar with relatively lowest well–being.

Date: 2011
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DOI: 10.1080/1331677X.2011.11517485

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