In this paper, we propose a Bayesian factor analysis model with the purpose of serving as an alternate approach to calculating the UNDP's Human Development Index, as well as providing a general methodology which can be used to augment existing indices or build new ones. In addition to addressing...

We propose a Bayesian factor analysis model as an alternative to the Human Development Index (HDI). Our model provides methodology which can either augment or build additional indices. In addition to addressing potential issues of the HDI, we estimate human development with three auxiliary...

We propose a Bayesian factor analysis model as an alternative to the Human Development Index (HDI). Our model provides methodology which can either augment or build additional indices. In addition to addressing potential issues of the HDI, we estimate human development with three auxiliary...