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Subjective Well-Being Approach to the Valuation of International Development: Evidence for the Millennium Development Goals

Beja Jr., Edsel L. (2011): Subjective Well-Being Approach to the Valuation of International Development: Evidence for the Millennium Development Goals.

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Abstract

The subjective well-being approach to the valuation of international development is applied to the Millennium Development Goals (MDGs). The rich countries have particular preferences for education, healthcare, and housing; they need compensation for failure to meet the targets by 2015. The poor countries view all the targets as important; they can accept compensation for failure to achieve the targets by 2015, with amounts equivalent to what would have been 0.7% proportion of the incomes of the rich countries for international aid. The MDGs are affordable and doable, yet the rich countries are foot-dragging in fulfilling their pledges for international aid.

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