A0442
Title: Uncovering well-being patterns: An archetypal analysis of development and happiness
Authors: Claudeline Cellan - Bangko Sentral ng Pilipinas (Philippines) [presenting]
Abstract: Development is multifaceted, and recent efforts to accelerate growth across all dimensions are gaining traction. The Human Development Index (HDI) evaluates development beyond income by incorporating life expectancy, education performance and income per capita. Meanwhile, the World Happiness Report produces happiness scores based on self-assessed well-being. The aim is to explore "patterns of well-being" by merging HDI metrics with happiness scores. Archetypal analysis identifies archetypes by examining the extremities of the multivariate data to uncover realistically observable patterns. The analysis revealed three main archetypes: (1) a country with high ratings in both human development indicators and happiness, (2) one with low ratings in both areas and (3) a country with high ratings in development indicators but low income, yet high happiness ratings. While the first two are expected, the third pattern is particularly intriguing, as it encompasses the majority of countries. Tracking the degree of belonging of the countries provides insights into the changing landscape of a country's development and happiness, particularly post-COVID-19 pandemic.
