“Beyond Human Development Index: a stochastic spanning approach”

Mehmet Pinar, T Stengos, N Topaloglou

Research output: Contribution to conferencePaper

Abstract

The well-known Human Development Index (HDI) goes beyond single measure of wellbeing comparisons by obtaining a composite index by combining achievements in education, income and health dimensions. Yet, many still argue that dimensions covered by the HDI do not reflect overall well-being of societies and new indicators should be included to the HDI. This paper offers a new methodology, stochastic spanning, to test the inclusion of new dimensions to the HDI. This methodology takes the current measurement of HDI as a benchmark and tests whether spanning occurs or not by examining the distributions of composite scores obtained from a particular expansion of the feasible choice set or not. We use this methodology to test the inclusion of indicators of governance to the benchmark components of the HDI and find that inclusion of some governance indicators to the list of components of the HDI leads to welfare improvements.
Original languageEnglish
Publication statusPublished - 8 Jul 2018
Event14th Biennial Conference of the Athenian Policy Forum - University of Piraeus, Athens, Greece
Duration: 6 Jul 20188 Jul 2018

Conference

Conference14th Biennial Conference of the Athenian Policy Forum
CountryGreece
CityAthens
Period6/07/188/07/18

Fingerprint Dive into the research topics of '“Beyond Human Development Index: a stochastic spanning approach”'. Together they form a unique fingerprint.

  • Cite this

    Pinar, M., Stengos, T., & Topaloglou, N. (2018). “Beyond Human Development Index: a stochastic spanning approach”. Paper presented at 14th Biennial Conference of the Athenian Policy Forum, Athens, Greece. https://apfintl.org/wp-content/uploads/2018/07/Programme_14th_Biennial_APF_PRINT.pdf