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SSRN Electronic Journal
Article . 2013 . Peer-reviewed
Data sources: Crossref
EconStor
Research . 2013
Data sources: EconStor
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Robust Multidimensional Welfare Comparisons: One Vector of Weights, One Vote

Authors: Stergios Athanassoglou;

Robust Multidimensional Welfare Comparisons: One Vector of Weights, One Vote

Abstract

Many aspects of social welfare are intrinsically multidimensional. Composite indices at-tempting to reduce this complexity to a unique measure abound in many areas of economics and public policy. Comparisons based on such measures depend, sometimes critically, on how the different dimensions of performance are weighted. Thus, a policy maker may wish to take into account imprecision over composite index weights in a systematic manner. In this paper, such weight imprecision is parameterized via the e-contamination framework of Bayesian statistics. Subsequently, combining results from polyhedral geometry, social choice, and theoretical computer science, an analytical procedure is presented that yields a provably robust ranking of the relevant alternatives in the presence of weight imprecision. The main idea is to consider a vector of weights as a voter and a continuum of weights as an electorate. The procedure is illustrated on recent versions of the Rule of Law and Human Development indices.

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Keywords

Composite Index, ddc:330, Multidimensional Welfare, Social Choice, Multidimensional Welfare, Composite Index, e-Contamination, Polyhedral Geometry, Social Choice, Approximation Algorithms, C61, D71, C02, I31, D04, ε-contamination, Polyhedral Geometry, Approximation Algorithms, jel: jel:C61, jel: jel:D71, jel: jel:C02, jel: jel:D04, jel: jel:I31

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selected citations
These citations are derived from selected sources.
This is an alternative to the "Influence" indicator, which also reflects the overall/total impact of an article in the research community at large, based on the underlying citation network (diachronically).
BIP!Citations provided by BIP!
popularity
This indicator reflects the "current" impact/attention (the "hype") of an article in the research community at large, based on the underlying citation network.
BIP!Popularity provided by BIP!
influence
This indicator reflects the overall/total impact of an article in the research community at large, based on the underlying citation network (diachronically).
BIP!Influence provided by BIP!
impulse
This indicator reflects the initial momentum of an article directly after its publication, based on the underlying citation network.
BIP!Impulse provided by BIP!
0
Average
Average
Average
bronze