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Rediscovering the Condorcet Approach as an Aggregation Technique for Progress Measures

Authors


Riccardo Natoli, Financial Education Research Unit, Victoria University, Melbourne, VIC 3000, Australia. Email: riccardo.natoli@vu.edu.au

Abstract

There are three main aggregation techniques designed for progress measurements to help facilitate the benchmarking and ranking of countries according to aggregated dimensions. They are: (i) additive methods; (ii) geometric aggregations; and (iii) non-compensatory multi-criteria analysis. Virtually, all measures utilise one of the first two techniques. This article will critically review these aggregation approaches. In doing so, this article will assert that the Condorcet approach, despite being overlooked by many major institutions, demands strong consideration for aggregating progress measures. The theoretical implications of using the Condorcet method will be explored. An empirical application of the Condorcet model is undertaken on the Resource–Infrastructure–Environment Index to test the validity of this approach as an aggregation technique for progress measures.

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