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008    231010s2023    dcu     o     000 0 eng d
024 7  10.1596/1813-9450-10470
035    (CKB)5850000000362951
035    (NjHacI)995850000000362951
035    (EXLCZ)995850000000362951
040    NjHacI |beng |erda |cNjHacl
050  4 HD87 |b.K733 2023
082 04 338.9 |223
100 1  Kraay, Aart, |eauthor.
245 10 New Distribution Sensitive Index for Measuring Welfare, Poverty, and Inequality / |cAart Kraay, [and six others].
264  1 Washington, D.C. : |bThe World Bank, |c2023.
300    1 online resource (51 pages).
336    text |btxt |2rdacontent
337    computer |bc |2rdamedia
338    online resource |bcr |2rdacarrier
490 1  Policy research working papers
588    Description based on publisher supplied metadata and other sources.
520    Simple welfare indices such as mean income are ubiquitous but not distribution sensitive. In contrast, existing distribution sensitive welfare indices are rarely used, often because they are difficult to explain and/or lack intuitive units. This paper proposes a simple new distribution sensitive welfare index with intuitive units: the average factor by which individual incomes must be multiplied to attain a given reference level of income. This new index is subgroup decomposable with population weights and satisfies the three main definitions of distribution sensitivity in the literature. Variants on this index can be used as distribution sensitive poverty measures and as inequality measures, with the same simple intuitive units. The properties of the new index are illustrated using the global distribution of income across individuals between 1990 and 2019, as well as with selected country comparisons. Finally, the index can be used to define the "prosperity gap" as a proposed new measure of "shared prosperity," one of the twin goals of the World Bank.
650  0 Economic policy.
830  0 Policy research working papers.
906    BOOK