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Objectives This paper explores how to measure successful aging in a manner consistent with the preferences of older persons about what matters in their lives. Method To overcome the fact that existing objective and subjective measures of successful aging may not reflect the preferences of older persons about what matters in their lives, a new preference-based measure of successful aging is proposed. To implement the measure, the preferences of older persons are estimated using a statistical life satisfaction model, which is estimated with data from 11 European countries from the Survey of Health, Ageing and Retirement in Europe (SHARE). Results The proposed measure is found to yield different results compared to objective and subjective measures in terms of how successful aging has evolved between 2007 and 2013 and how countries are ranked for successful aging. Successful aging measured by a subjective measure is highest in 2011 compared to 2007 and 2013, for instance, whereas the ranking is reversed for the objective- and preference-based measures. Discussion The findings highlight the relevance of the degree of importance we attribute to the preferences of older persons in the measurement of successful aging, methodologically as well as empirically. [ABSTRACT FROM AUTHOR]

The Better Life Index was introduced by the OECD as a tool to chart the multidimensional well-being of its member countries. However, the Better Life Index relies only on aggregate country-level indicators, and hence is insensitive to how multidimensional well-being is distributed within countries. This paper discusses how a distribution-sensitive Better Life Index could be designed. A broad family of distribution-sensitive Better Life Indices is discussed and decomposed in interpretable building blocks. While a rich and comprehensive micro-level data set is necessary to implement the distribution-sensitive Better Life Index, no such data set is currently available for all OECD member countries. The paper constructs therefore a 'synthetic' data set that relies on information about macro-level indicators and micro-level data from the Gallup World Poll. The implementation of the distribution-sensitive Better Life Index is illustrated with this synthetic data set. The illustration indicates that, when taking the distribution of well-being into account, Nordic countries are top-ranked whereas Greece, the Russian Federation and Turkey occupy the bottom positions. The results indicate considerable losses due to multidimensional inequality for OECD member countries. In addition, sizeable differences are found in the level and composition of multidimensional inequality. [ABSTRACT FROM AUTHOR]

It has become widely accepted that focusing exclusively on income growth may lead to a too narrow-sighted measure of changes in well-being. People care about other dimensions of life, such as their health, employment, social interactions and personal safety. Moreover, an exclusive focus on income growth remains blind to the distribution of income and well-being in the society. We propose therefore a set of five principles for a richer measure of well-being. In particular, we advocate the use of a measure based on 'equivalent incomes', which satisfies these principles. We discuss and illustrate how this equivalent income approach can be implemented in Europe, using the ESS data for 2008 and 2010. We find that introducing inequality aversion and including other dimensions in the analysis leads to a remarkably different perspective on the growth of well-being in Europe. [ABSTRACT FROM AUTHOR]

Multidimensional indices are becoming increasingly important instruments to assess the wellbeing of societies. They move beyond the focus on a single indicator and yet they are easy to present and communicate. A crucial step in the construction of a multidimensional index of wellbeing is the selection of the relative weights for the different dimensions. The aim of this article is to study the role of these weights and to critically survey eight different approaches to set them. We categorize the approaches in three classes: data-driven, normative, and hybrid weighting, and compare their respective advantages and drawbacks. [ABSTRACT FROM AUTHOR]

Summary: In this paper, we use the tools offered by the recent literature on multidimensional inequality measurement to investigate the evolution of the inequality in well-being across different countries during 1975–2000. We focus on three important dimensions of life: standard of living, health, and education. Inequality in the three dimensions shows a different trend during 1975–2000. We propose a flexible measure of well-being to quantify the evolution of overall intercountry well-being inequality. The empirical results are sensitive to different normative choices on the trade-offs between the different dimensions. Especially the concave transformation of income turns out to be decisive for the evolution of world inequality in well-being. [Copyright &y& Elsevier]

A correction to the article "Measuring Multidimensional Inequality in the OECD Member Countries With a Distribution-Sensitive Better Life Index," published in the previous issue is presented.