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Should income be taken for granted as a sole driver of welfare?: Bayesian insight on the relevance of non-income drivers of welfare
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| Veröffentlicht in: | International journal of management and economics 54(2018), 1 vom: März, Seite 58-68 |
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| Personen und Körperschaften: | |
| Titel: | Should income be taken for granted as a sole driver of welfare?: Bayesian insight on the relevance of non-income drivers of welfare/ Tomasz P. Wiśniewski |
| Format: | E-Book-Kapitel |
| Sprache: | Englisch |
| veröffentlicht: |
2018
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| Gesamtaufnahme: |
: International journal of management and economics, 54(2018), 1 vom: März, Seite 58-68
, volume:54 |
| Schlagwörter: | |
| Quelle: | Verbunddaten SWB Lizenzfreie Online-Ressourcen |
| Zusammenfassung: | The paper consists of a discussion on the relevance of non-income drivers of welfare. This discussion is based on a subjective Bayesian reasoning, where welfare perceptions are subjectively rational decisions of individuals, who are, as author suggests, the ultimate decision-makers in respect of what welfare actually means for them. The objective of the paper is to investigate if income should be taken for granted as a sole driver of welfare. The conclusion is drawn from a methodological investigation of this question in a Bayesian concept of probability with a consideration for correlations among income and non-income drivers of welfare. It suggests that income should not be taken for granted as a sole driver of welfare since the non-income factors, which are not correlated with income, appear to be relevantly affecting individuals' perceptions of welfare with Bayesian probability of almost 65%. Thereby, the paper is a reaffirmation of a need for further research in the area of welfare measures that might constitute an alternative to income-dominated indicators. Its value emanates from unambiguous answer in favour of the relevance of non-income drivers across welfare perceptions, which, without Bayesian reasoning, could remain unsolved at the point of 50% odds for relevance (irrelevance). |
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| ISSN: |
2543-5361
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| DOI: | 10.2478/ijme-2018-0006 |