An Axiomatic Foundation of the Multiplicative Human Development Index

Yoko Kawada, Yuta Nakamura, Shuhei Otani

研究成果: Article査読

8 被引用数 (Scopus)

抄録

The aggregation formula in the Human Development Index (HDI) was changed to a geometric mean in 2010. In this paper, we search for a theoretical justification for employing this new HDI formula. First, we find a maximal class of index functions, what we call quasi-geometric means, that satisfy symmetry for the characteristics, normalization, and separability. Second, we show that power means are the only quasi-geometric means satisfying homogeneity. Finally, the new HDI is the only power mean satisfying minimal lower boundedness, which is a local complementability axiom proposed by Herrero et al. (2010).

本文言語English
ページ(範囲)771-784
ページ数14
ジャーナルReview of Income and Wealth
65
4
DOI
出版ステータスPublished - 2019 12月 1

ASJC Scopus subject areas

  • 経済学、計量経済学

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