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The Evaluation of Economic Freedom Indexes of EU Countries with a GREY Hybrid MCDM Model

Author

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  • Çağatay KARAKÖY

    (Sivas Cumhuriyet University, International Trade and Logistics Department, Sivas)

  • Alptekin ULUTAŞ

    (İnönü University, International Trade and Business Department, Malatya)

  • Darjan KARABASEVIC

    (Faculty of Applied Management, Economics and Finance, University Business Academy in Novi Sad, Belgrade 21107, Serbia)

  • Salim ÜRE

    (Sivas Cumhuriyet University, International Trade and Logistics Department, Sivas)

  • Ali Oğuz BAYRAKÇIL

    (Sivas Cumhuriyet University, Business Administration Department, Sivas)

Abstract

The Economic Freedom Index is a valuable comparison tool in terms of helping countries to consider in which areas they are better and determining priorities accordingly, as well as ensuring full economic freedom. There are many studies in the literature on this index. However, no study that deals with the criteria of the economic freedom index with grey MCDM methods has been found in the literature. In this study, the 5-year (2018-2022) economic freedom sub-criteria of 27 countries that are members of the European Union are handled with Grey PSI and WEDBA-G methods. This study has two contributions to the literature. First, a new grey MCDM method, called the WEDBA-G method, was developed. Second, a new grey hybrid model including grey PSI and grey WEDBA is presented.

Suggested Citation

  • Çağatay KARAKÖY & Alptekin ULUTAŞ & Darjan KARABASEVIC & Salim ÜRE & Ali Oğuz BAYRAKÇIL, 2023. "The Evaluation of Economic Freedom Indexes of EU Countries with a GREY Hybrid MCDM Model," Journal for Economic Forecasting, Institute for Economic Forecasting, vol. 0(1), pages 129-144, March.
    • Handle: RePEc:rjr:romjef:v::y:2023:i:1:p:129-144
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    References listed on IDEAS

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    Cited by:

    1. Murat Atan & Sibel Atan & Sahika Gokmen, 2024. "Ranking of Countries according to the Index of Economic Freedom with Multicriteria Decision making Methods," Athens Journal of Business & Economics, Athens Institute for Education and Research (ATINER), vol. 10(2), pages 109-120, April.
    2. Alptekin Ulutaş & Mladen Krstić & Ayşe Topal & Leonardo Agnusdei & Snežana Tadić & Pier Paolo Miglietta, 2024. "A Novel Hybrid Gray MCDM Model for Resilient Supplier Selection Problem," Mathematics, MDPI, vol. 12(10), pages 1-22, May.

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    More about this item

    Keywords

    MCDM; grey PSI; WEDBA-G; Economic Freedom Index; grey theory;
    All these keywords.

    JEL classification:

    • O10 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - General
    • E60 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - General
    • F10 - International Economics - - Trade - - - General
    • A10 - General Economics and Teaching - - General Economics - - - General
    • C60 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - General

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