Measuring well-being by a multidimensional spatial model in OECD Better Life Index framework

Salvatore Greco, Alessio Ishizaka, Giuliano Resce () and Gianpiero Torrisi ()

MPRA Paper from University Library of Munich, Germany

Abstract: We propose a multidimensional spatial model to evaluate the well-being using the Better Life Index (BLI) in 36 countries according to a two-steps procedure. First, we position the countries as points in the Euclidean K-dimensional space in which each dimension is a specific aspect of well-being as measured in the BLI. Second, we consider each individual/voter’s opinions on the same dimensions to calculate the personal optimal point in that same K-dimensional space. Hence, we measure the distance between optimal point of well-being and the actual observed point at individual level. This distance is interpreted as the individuals’ loss in well-being. We show that this loss is negatively related (i) to the overall well-being in terms of BLI and (ii) the main indices of quality of democracy.

Keywords: Better life Index; OECD; Well-being; Loss function (search for similar items in EconPapers)
JEL-codes: H31 H41 I3 I38 (search for similar items in EconPapers)
Date: 2017-12-29
New Economics Papers: this item is included in nep-hap and nep-pbe
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Journal Article: Measuring well-being by a multidimensional spatial model in OECD Better Life Index framework (2020)
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Persistent link: https://EconPapers.repec.org/RePEc:pra:mprapa:83526

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