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Economic freedom ranking of 161 countries in year 2000: a minimum disagreement approach

Author

Listed:
  • K-N Lau

    (The Chinese University of Hong Kong, Shatin)

  • P-Y Lam

    (The Chinese University of Hong Kong, Shatin)

Abstract

Since 1995, the Heritage Foundation has published the economic freedom index for countries throughout the world. The fundamental challenge is how to objectively measure economic freedom so that the index can be fair, credible and has the least disagreements among all countries. In this paper, we propose a new approach to construct economic freedom ranking which minimizes disagreements among countries. The mathematical model consists of two stages: (1) calculate the set of weights for each country which would give each country the best ranking, and (2) aggregation of ranks from all countries to minimize their disagreements. We apply the model to the data set of year 2000 on Economic Freedom from the Heritage Foundation, and find that the minimum disagreements from the proposed ranking improves by 9%.

Suggested Citation

  • K-N Lau & P-Y Lam, 2002. "Economic freedom ranking of 161 countries in year 2000: a minimum disagreement approach," Journal of the Operational Research Society, Palgrave Macmillan;The OR Society, vol. 53(6), pages 664-671, June.
    • Handle: RePEc:pal:jorsoc:v:53:y:2002:i:6:d:10.1057_palgrave.jors.2601340
    DOI: 10.1057/palgrave.jors.2601340
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    Citations

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    Cited by:

    1. Ju, Keyi & Su, Bin & Zhou, Dequn & Zhou, P. & Zhang, Yuqiang, 2015. "Oil price crisis response: Capability assessment and key indicator identification," Energy, Elsevier, vol. 93(P2), pages 1353-1360.
    2. Ahmet M. Çilingirtürk & Habip Koçak, 2018. "Human Development Index (HDI) Rank-Order Variability," Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, Springer, vol. 137(2), pages 481-504, June.
    3. Yibiao Chen & Steven S. Wang & Wilson H. S. Tong & Hui Zhu, 2017. "Economic freedom and IPO underpricing," Frontiers of Business Research in China, Springer, vol. 11(1), pages 1-22, December.
    4. Amar Iqbal Anwar & Mazhar Mughal, 2012. "Economic Freedom and Indian Outward Foreign Direct Investment: An Empirical Analysis," Economics Bulletin, AccessEcon, vol. 32(4), pages 2991-3007.
    5. Chao Shi & Kenneth C. Land, 2021. "The Data Envelopment Analysis and Equal Weights/Minimax Methods of Composite Social Indicator Construction: a Methodological Study of Data Sensitivity and Robustness," Applied Research in Quality of Life, Springer;International Society for Quality-of-Life Studies, vol. 16(4), pages 1689-1716, August.
    6. Zhou, P. & Ang, B.W. & Poh, K.L., 2007. "A mathematical programming approach to constructing composite indicators," Ecological Economics, Elsevier, vol. 62(2), pages 291-297, April.
    7. Nir Kshetri & Ralf Bebenroth, 2011. "Sources of Global Heterogeneity in Retail Spending," Discussion Paper Series DP2011-03, Research Institute for Economics & Business Administration, Kobe University.

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