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Empirical Methods for Modelling Economic Insecurity

In: Advances in Economic Measurement

Author

Listed:
  • Nicholas Rohde

    (Department of Accounting, Finance and Economics, Griffith Business School)

  • Conchita D’Ambrosio

    (University of Luxembourg)

  • Barry Watson

    (University of New Brunswick)

Abstract

This chapter presents an overview of some of the technical methods used to measure Economic Insecurity (EI). We discuss conceptual challenges associated with measurement and provide a basic conceptual model for characterizing anxiety stemming from economic risk. Surveyed methods include (i) subjective indices, (ii) axiomatic methods derived from microeconomic theory, (iii) micro-econometric approaches and (iv) macro-level or aggregate methods. Some illustrations are provided using Australian panel data. We show that there is considerable heterogeneity in outcomes across different measurement concepts—it is common for markers to be uncorrelated or even negatively associated across our sample. More work is needed integrating alternative risk concepts within the broader framework of EI. Despite this ambiguity, two robust results still emerge. Across a suite of different measures, EI is (i) correlated with other markers of social disadvantage, and (ii) predictive of diminished health and well-being, even after conditioning on current socioeconomic status.

Suggested Citation

  • Nicholas Rohde & Conchita D’Ambrosio & Barry Watson, 2022. "Empirical Methods for Modelling Economic Insecurity," Springer Books, in: Duangkamon Chotikapanich & Alicia N. Rambaldi & Nicholas Rohde (ed.), Advances in Economic Measurement, chapter 0, pages 265-306, Springer.
    • Handle: RePEc:spr:sprchp:978-981-19-2023-3_6
    DOI: 10.1007/978-981-19-2023-3_6
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    More about this item

    Keywords

    Anxiety; Risk; Uncertainty; Stress; Panel data;
    All these keywords.

    JEL classification:

    • D31 - Microeconomics - - Distribution - - - Personal Income and Wealth Distribution
    • D90 - Microeconomics - - Micro-Based Behavioral Economics - - - General

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