The Well-Being of Nations: Estimating Welfare from International Migration

Sanghoon Lee, Seung Jung Lee and Jeffrey Lin
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Seung Jung Lee: https://www.federalreserve.gov/econres/seung-jung-lee.htm
Authors registered in the RePEc Author Service: Seung Hoon Lee

No 19-33, Working Papers from Federal Reserve Bank of Philadelphia

Abstract: The limitations of GDP as a measure of welfare are well known. We propose a new method of estimating the well-being of nations. Using gross bilateral international migration flows and a discrete choice model in which everyone in the world chooses a country in which to live, we estimate each country?s overall quality of life. Our estimates, by relying on revealed preference, complement previous estimates of economic well-being that consider only income or a small number of factors, or rely on structural assumptions about how these factors contribute to wellbeing.

Keywords: International migration; quality of life; GDP (search for similar items in EconPapers)
JEL-codes: D63 F22 I31 J61 (search for similar items in EconPapers)
Pages: 32 pages
Date: 2020-01-14
New Economics Papers: this item is included in nep-dcm, nep-dem, nep-hap, nep-int, nep-mig and nep-ure
Note: Revised January 2020
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Related works:
Journal Article: THE WELL‐BEING OF NATIONS: ESTIMATING WELFARE FROM INTERNATIONAL MIGRATION (2021)
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Persistent link: https://EconPapers.repec.org/RePEc:fip:fedpwp:19-33

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DOI: 10.21799/frbp.wp.2019.33

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