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Multidimensional Poverty Indices uses a range of indicators to calculate a summary poverty figure for a given population, in which a larger figure indicates a higher level of poverty. This figure considers both the proportion of the population that is deemed poor and the 'breadth' of poverty experienced by these 'poor' households, following the ...
The Foster–Greer–Thorbecke indices are a family of poverty metrics.The most commonly used index from the family, FGT 2, puts higher weight on the poverty of the poorest individuals, making it a combined measure of poverty and income inequality and a popular choice within development economics.
The poverty gap index is an improvement over the poverty measure head count ratio, which simply counts all the people below a poverty line in a given population and considers them equally poor. [2] Poverty gap index estimates the depth of poverty by considering how far the poor are from that poverty line on average.
OPHI aims to build and advance a more systematic methodological and economic framework for reducing multidimensional poverty, grounded in people's experiences and values. OPHI works towards this by: [4] Broadening poverty measurement. OPHI develops and implements multi-dimensional measures of poverty, wellbeing and inequality.
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The Human Development Reports website summarizes this as "A composite index measuring deprivations in the four basic dimensions captured in the human development index—a long and healthy life, knowledge and a decent standard of living—and also capturing social exclusion." The formula for calculating it is:
The index is currently being used by the Centers for Medicare & Medicaid Services to adjust financial benchmarks in various Value-based health care models. [48] However, some researchers have pointed out that applying ADI in practice has several limitations. [49] [50] Social Deprivation Index [51] [52] by the American Academy of Family Physicians
The Poverty gap index is the mean distance below the poverty line as a proportion of the poverty line where the mean is taken over the whole population, counting the non-poor as having zero poverty gap. Using the index function, we have: = (<), where define the poverty gap (Gi) as the poverty line (z) less actual income (yi) for poor ...