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The neglected dimension of well-being: analyzing the development of “conversion efficiency” in Great Britain
journal contribution
posted on 2023-06-08, 12:27 authored by Martin Binder, Tom BroekelIn Amartya Sen's capability approach, policy makers can focus on different levels to influence the well-being of a society. A dimension that is usually neglected is improving individuals’ “conversion efficiency”, i.e. the efficiency with which individual resources are converted into well-being. To examine effects of policies on (the development of) this measure we suggest an intertemporal index of conversion efficiency estimated via a nonparametric order-m approach. The approach is exemplified using data from the British Household Panel Survey (BHPS) from 1991 to 2006. We find that over this time horizon between 24% and 29% of individuals were efficient in their conversion of resources into well-being. Moreover, age and self-employment increase an individual's conversion efficiency, while living in London, being disabled and being separated, divorced or widowed all decrease conversion efficiency. Being married also decreases the conversion efficiency and we find few evidence of gender disparities in conversion efficiency.
History
Publication status
- Published
Journal
Journal of Socio-EconomicsISSN
1053-5357Publisher
ElsevierExternal DOI
Issue
1Volume
41Page range
37-47Department affiliated with
- SPRU - Science Policy Research Unit Publications
Full text available
- No
Peer reviewed?
- Yes
Legacy Posted Date
2012-09-24Usage metrics
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