Wellbeing index avoiding scaling and weights

Authors

DOI:

https://doi.org/10.17981/cultedusoc.12.2.2021.11

Keywords:

Wellbeing index, Geometric mean, Monotonically increasing, Time reversal test, Chain indices

Abstract

Existing well-being measures differ in terms of number and format of items, factors being measured, aggregation methods, and are not comparable. A well-being measure involves combining n- number of indicators and quality of the measure depends on properties of combining procedures adopted. The paper proposes two assumption-free aggregation methods to satisfy the desired properties of an index The paper proposes two indices of well-being in terms of cosine similarity and Geometric Mean (GM) avoiding problems associated with scaling of raw data and choosing of weights. Empirical illustration is provided on application of the proposed measures. The proposed indices give better admissibility of operations and satisfy properties like time-reversal test, formation of chain indices, computation of group mean and statistical tests for comparison across time and space. The preferred index can be constructed even for skewed longitudinal data and helps to reflect path of improvement registered by a country/region over time. The index based on GM is preferred due to wider application areas. The index can further be used for classification of countries, sub-groups and even individuals with morbidity in terms of overall wellbeing values. Future studies suggested.

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Author Biography

Satyendra Nath Chakrabartty, Indian Ports Association, Indian Maritime University . Delhi (India)

Master, Indian Statistical Institute. Post Graduate courses at Indian Statistical Institute, University of Calcutta and Galgotias Business School (India). Has over 65 publications to his credit. After serving Kolkata Port Trust for 25 years in various managerial positions, joined Mumbai Port Trust as Director (Planning & Research) and subsequently took over as Director, Indian Institute of Port Management (India). Retired from the position of Director, Kolkata Campus, Indian Maritime University (India). His previous assignment was Consultant, Indian Ports Association (India). ORCID: https://orcid.org/0000-0002-7687-5044

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Published

2021-07-01

How to Cite

Chakrabartty, S. N. (2021). Wellbeing index avoiding scaling and weights. CULTURA EDUCACIÓN Y SOCIEDAD, 12(2), 181–204. https://doi.org/10.17981/cultedusoc.12.2.2021.11