Ranking OECD Countries according to Well-being Indicators Using TOPSIS, VIKOR and GRA Methods and an Integrated Solution Offer

Abstract

Indexes including different indicators besides economic indicators have been developed in order to measure the welfare levels of countries. The Better Life Initiative developed by the OECD is considered among the most important and accepted initiatives that enable the citizens of the country to lead a prosperous life and send signals to policy makers. In this study, TOPSIS, VIKOR and Grey Relational Analysis (GRA) methods were used to rank OECD countries under welfare indicators. Decision making methods were applied with equal and entropy-based weighting in the analyses, and then an integrated solution was obtained with the Copeland method. A more dynamic model than the Copeland method was proposed to obtain the integrated solution and a pseudo-code was developed for this proposed model.