On Exact Statistical Properties of Multidimensional Indices Based on Principal Components,Factor Analysis,MIMIC and Structural Equation Models |
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Authors: | Email author" target="_blank">Jaya?KrishnakumarEmail author A?L?Nagar |
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Institution: | (1) Department of Econometrics, University of Geneva, 40, Bd. du Pont d’Arve, 1211 Geneva 4, Switzerland;(2) National Institute of Public Finance and Policy, New Delhi, India |
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Abstract: | Recent empirical literature has seen many multidimensional indices emerge as well-being or poverty measures, in particular
indices derived from principal components and various latent variable models. Though such indices are being increasingly and
widely employed, few studies motivate their use or report the standard errors or confidence intervals associated with these
estimators. This paper reviews the different underlying models, reaffirms their appropriateness in this context, examines
the statistical properties of resulting indices, gives analytical expressions of their variances and establishes certain exact
relationships among them.
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Keywords: | Principal components Factor analysis Structural equation models Latent variables Human development |
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