Multicriteria Measures in Well-being

In economic policy-making, G.D.P. is often used as a normative benchmark for the economic and even social performance of a country. Yet,it has many flaws as a measure of well-being. Many well-being conceptualizations have been provided. These include the index of sustainable economic welfare (ISEW), the human development index (HDI) and the happy life expectancy (HLE). In aggregating indicators into one single index, issues of item selection and weighting emerge. Multicriteria analysis offers possibilities in this regard. This paper looks to using the Promethee methods.