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Should income be taken for granted as a sole driver of welfare? Bayesian insight on the relevance of non-income drivers of welfare


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Segregation of welfare perception factors

Income dimensionIncome factors or income drivers of welfare
Correlation of factors withof welfareNon-income factors (d1) or non-income drivers of welfare, which have statistically significant correlation with income
incomeNon-income dimension of welfareNon-income factors (d2) or non-income drivers of welfare, which do not have statistically significant correlation with income

Segmentation of variables used for problem analysis

Correlation of non-income factors with income
Impact on perception oft, d: the non-income factors affect perception 11of welfare, and given factors are correlated with incomet, d: the non-income factors affect perception of 12welfare, and given factors are not correlated with income
welfaret2, d1: the non-income factors do not affect perception of welfare, and given factors are correlated with incomet2, d2: the non-income factors do not affect perception of welfare, and given factors are not correlated with income