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Measuring degree of globalization of African Countries on almost equimarginal contribution principle

Journal of Economics Bibliography

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Title Measuring degree of globalization of African Countries on almost equimarginal contribution principle
 
Creator MISHRA, Sudhanshu K.; Avantika, Rohini Sector-1 Delhi – 110085 Retd. Professor, Dept. of economics North-Eastern Hill University, Shillong (India): 91 - 793022
 
Subject Globalization; Synthetic index; African Countries; Shapley values; Equi-marginal contribution.
C43; C71; F02; F60; O55.
 
Description Abstract. This paper is an exercise in construction of an alternative globalization index for 43 countries in Africa.  It has used a new method for measurement of the degree of globalization (or construction of a globalization index) based on minimization of the Euclidean norm of the Shapley values, the concept borrowed from the cooperative game theory. It assigns weights to constituent variables such that their mean expected marginal contribution to the synthetic index is as equitable as possible. Since this index is based on combinatorial logic, it is also less likely to be affected by outlier data points.  Globalization index for 43 African countries (for a time series of 45 years, 1970-2014) has been constructed. The new index has been compared with the KOF index of globalization for the countries under study.  As its validation, it has been found that the index has stronger correlation (vis-à-vis the KOF index) with Human Development index, Corruption Perception index, Freedom index and the indicators of abject poverty in the African countries. Viewed as such the new index represents globalization closely in connection with other relevant socio-economic measures than its rival (KOF index of globalization) as well as it is based on more plausible theoretical premises based on marginal contribution rather than correlation.Keywords. Globalization, Synthetic index, African Countries, Shapley values, Equi-marginal contribution. JEL. C43, C71, F02, F60, O55.
 
Publisher Journal of Economics Bibliography
 
Contributor —
 
Date 2017-12-18
 
Type info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
Peer-reviewed Article
 
Format application/pdf
 
Identifier http://www.kspjournals.org/index.php/JEB/article/view/1488
10.1453/jeb.v4i4.1488
 
Source Journal of Economics Bibliography; Vol 4, No 4 (2017): December; 345-353
2149-2387
 
Language eng
 
Relation http://www.kspjournals.org/index.php/JEB/article/view/1488/1513
 
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