Development of the indicative system for assessing the «happiness» level using global indexes, including human capital
- Authors: Pricina O.S.1, Orekhov V.D.2
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Affiliations:
- Russian state social University
- International Institute of Management LINK
- Issue: Vol 16, No 2 (2020)
- Pages: 148-153
- Section: Articles
- URL: https://journals.eco-vector.com/2541-8025/article/view/532525
- ID: 532525
Cite item
Abstract
A comprehensive comparative study was conducted of the impact on the World Happiness Index (WHI) of ten global Predictor Indices: The highest pair correlation with WHI is characterized by the Predictors: GDP per capita (GDP/С), Legatum Prosperity Index (LPI) and Index of Economic Freedom (IEF). However, none of them provides a satisfactory correlation with WHI (determination coefficient - R2 no more than 0.74 for a sample of 24 countries with the highest GDP). The dependence of WHI on a number of Predictors has two lows with a trend in the form of a fifth degree polynomial, which characterizes the characteristics of the dynamics of the level of happiness with an improvement in well-being. The dependence of the World Happiness Index on Predictors, which is a linear combination of two indices, is studied. Among them, the smallest regression error - ΔR2 = 1 - R2 (13%) is provided by the composition of Worldwide Governance Indicators (WGI) and GDP / D (40% of the contribution). Among the Predictors formed from multiple indices, the smallest regression error with WHI is provided by the Predictor, which includes 35% WGI, 30% GDP/С, 14% IEF, 9% LPI and 12% human capital indices. It provides low regression error ΔR2 = 7.4% for a sample of the 12 largest countries by GDP, and for the average regression error for samples from 6, 12, 24 and 48 countries - ΔR2 = 11.4% Deviation of the level of happiness calculated from the regression model from World Happiness data Index for Russia, China, USA and Germany does not exceed 3%.
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About the authors
Olga S. Pricina
Russian state social University
Email: olgaprichina@mail.ru
Dr. Sci. (Econ.), Professor, Professor of Depertment «Finance and credit» Moscow, Russian Federation
Viktor D. Orekhov
International Institute of Management LINK
Email: vorehov@yandex.ru
Cand. Sci. (Eng.), vice-rector for scientific work Zhukovsky, Russian Federation
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