Composite indices: rank robustness, statistical association, and redundancy

Foster, James E., McGillivray, Mark and Seth, Suman 2013, Composite indices: rank robustness, statistical association, and redundancy, Econometric reviews, vol. 32, no. 1, Special issue : Robustness in multidimensional wellbeing analysis, pp. 35-56, doi: 10.1080/07474938.2012.690647.

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Title Composite indices: rank robustness, statistical association, and redundancy
Author(s) Foster, James E.
McGillivray, MarkORCID iD for McGillivray, Mark
Seth, Suman
Journal name Econometric reviews
Volume number 32
Issue number 1
Season Special issue : Robustness in multidimensional wellbeing analysis
Start page 35
End page 56
Total pages 21
Publisher Taylor & Francis
Place of publication London, Eng.
Publication date 2013
ISSN 0747-4938
Keyword(s) composite index
Human Development Index
Kendall's tau
multidimensional index
positive association
prevalence function
Summary This article evaluates the robustness of rankings obtained from composite indices that combine information from two or more components via a weighted sum. It examines the empirical prevalence of robust comparisons using the method proposed by Foster et al. (2010). Indices examined are the Human Development Index (HDI), the Index of Economic Freedom (IEF), and the Environmental Performance Index (EPI). Key theoretical results demonstrate links between the prevalence of robust comparisons, Kendall’s tau rank correlation coefficient, and statistical association across components. Implications for redundancy among index components are also examined.
Notes This paper was also presented as a technical report as : Composite indices : rank robustness, statistical association and redundancy, Alfred Deakin Research Institute, Geelong, Vic., 2011.
Language eng
DOI 10.1080/07474938.2012.690647
Field of Research 140202 Economic Development and Growth
Socio Economic Objective 970116 Expanding Knowledge through Studies of Human Society
HERDC Research category C1 Refereed article in a scholarly journal
Copyright notice ©2013, Taylor & Francis
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