Weights in multidimensional indices of well-being: an overview
Koen Decancq () and
Maria Ana Lugo ()
Working Papers of Department of Economics, Leuven from KU Leuven, Faculty of Economics and Business (FEB), Department of Economics, Leuven
Multidimensional indices are becoming increasingly important instruments to assess the well-being of societies. They move beyond the focus on a single indicator and yet, are easy to present and communicate. A crucial step in the construction of a multidimensional index of well-being is the selection of the relative weights for the different dimensions. The aim of this paper 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.
Keywords: composite indicator; multidimensional well-being index; weights. (search for similar items in EconPapers)
JEL-codes: I31 C43 O1 (search for similar items in EconPapers)
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Journal Article: Weights in Multidimensional Indices of Wellbeing: An Overview (2013)
Working Paper: Weights in multidimensional indices of wellbeing: an overview (2013)
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Persistent link: https://EconPapers.repec.org/RePEc:ete:ceswps:ces10.06
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