Using individual preferences and BWM with entropy measures to modify the Global Entrepreneurship Index

Abstract

The Global Entrepreneurship and Development Institute (GEDI) annually releases the Global Entrepreneurship Index (GEI) to measure the quality and dynamics of entrepreneurship ecosystems at a national and regional level. The published Global Entrepreneurship Index takes the arithmetic mean value of the individual level of entrepreneurial attitudes, abilities and aspirations. In this paper, we alternatively consider all individual preferences among these three sub-indices, the performance results of which are obtained by means of a sophisticated manner. The entropy values of these performance results are derived to reduce the information redundancy. The best-worst method (BWM) is employed to determine the common weights with respect to each individual preference. An empirical study using the data of GEI-2019 is performed to indicate the validness of our methodology.