Multifactor Inequality: Substitution Effects for Income Sources in Mexico

Maria Elena Garcia Reyes ()
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Maria Elena Garcia Reyes: University of York

No 31, Working Papers from ECINEQ, Society for the Study of Economic Inequality

Abstract: Income is a poor indicator of welfare and should be use only as a as component of welfare. Wealth provides another dimension of well-being. We use the Kullback-Leibler Information Criterion (KLIC, hereafter) as a measure of the discrepancy between two attributes. This will allow economists and researchers to understand the kind of relationship that the attributes hold. The applications deals with an unusual analysis of income factors in which we treat them as different attributes. This allows us to estimate the substitution effects among income factors.

Keywords: entropy; cross-entropy; KLIC; multi-attribute; multifactor; welfare matrix; Theil index; Gini index (search for similar items in EconPapers)
JEL-codes: D33 (search for similar items in EconPapers)
Pages: 17 pages
Date: 2006
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