Seminars & webinars
18 March 2014

Multidimensional welfare rankings under weight imprecision


Where: Venice
Location:

Fondazione Eni Enrico Mattei
Isola di San Giorgio Maggiore
30124 Venice

***
Video-conference
at FEEM Milan

How to reach: Google map
Event's Timetable:


h. 12.00 Seminar

Information:

Seminars Office, seminars@feem.it

Speaker:

Stergios Athanassoglou, Institute for the Protection and Security of the Citizen, Joint Research Centre - European Commission

Abstract

Social well-being is intrinsically multidimensional. Welfare indices attempting to reduce this complexity to a unique scalar measure abound in many areas of economics and public policy. Ranking alternatives based on such measures depends, sometimes critically, on how the different dimensions of welfare are weighted. In this paper, a theoretical framework is presented that yields a set of consensus rankings in the presence of such weight imprecision.

The main idea is to consider a vector of weights as an imaginary voter submitting preferences over alternatives. With this voting construct in mind, the well-known Kemeny rule from social choice is introduced as a means of aggregating the preferences of many plausible choices of weights, suitably weighted by the importance attached to them. The axiomatic characterization of Kemeny's rule is shown to extend to the present context, and a graph-theoretic algorithm is developed to efficiently compute or approximate the set of Kemeny-optimal rankings. An analytic solution is derived for an interesting special case of the model corresponding to generalized weighted means and the epsilon-contamination framework of Bayesian statistics. The model is applied to the ARWU index of Shanghai University, a popular composite index measuring academic performance.

Download file
Download PDF file
Download file
Download PDF file
Multidimensional welfare rankings under weight imprecision

FEEM Newsletter & Update

Subscribe to stay connected.

Your personal data will be processed by Fondazione Eni Enrico Mattei. – data Controller – with the aim of emailing the FEEM newsletter & Update. The use of Your email address is necessary for the implementation of the newsletter service. You are invited to read the Privacy Policy in order to obtain additional information about the protection of Your rights.

This Website uses technical cookies and cookie analytics, as well as “third party” profiling cookies.
If you close this banner or you decide to continue navigating on this Website, you express consent to the use of cookies. If you need additional information or you wish to express selective choices on the use of cookies, please refer to the   Cookie PolicyI agree