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Evaluation of Economic Well-Being Using Dea Model

Andrea Vondrová and Matej Valach
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Andrea Vondrová: Universtity of Economics in Bratislava, Slovakia
Matej Valach: Universtity of Economics in Bratislava, Slovakia

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Abstract: Quality of life and well-being is the goal of every country. But what do we consider as crucial? Has economic growth or quality of life increased in recent years, and is it higher or lower in one country compared to others? These questions are traditionaly answered by evaluating trends and comparisons of GDP per capita, but this is rather poor measure of quality of life or economic wellbeing. The goal of this paper is to present the analysis of measurement of economic well-being by the index of economic well-being. The paper outlines the trends in the four domains of economic wellbeing that create the index. The domains are consumption, wealth, economic equality, and economic security. Furthermore, it offers an analysis of the sensitivity of our results to the choice of weights assigned by means of data envelopment analysis (DEA) to these four domains and a description of the performance of the index of economic well-being compared to GDP per capita through the most recent recession that caused declines in both, real GDP per capita and the index of economic wellbeing.

Keywords: economic well-being; quality of live; IEWB; data envelopment analysis (search for similar items in EconPapers)
Date: 2016
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