Country rankings according to well-being evolution: composite indicators from a functional data analysis perspective

Abstract The paper suggests the use of functional data analysis approach to study evolution well being indicators, visualizing their behaviour over time. Thus, an evolutionary well-being indicator is proposed by complement original with information concerning first derivative. second task provide overall ranking countries time using two tools: area under curve and depth, which return distinct rankings. A simulation conducted evaluate effectiveness in distinguishing groups different levels well-being. method employed on a real dataset human development index European countries.