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The financial industry should be involved in mitigating the risk of downturnsin the financial wellbeing indices around the world by implementingwell-developed financial tools such as insurance instruments on the underlyingwellbeing indices. We define a new quantitative measure of the wellbeing of acountry's population for those countries using the world development indicatorsprovided by the World Bank. We monetize the indices of socioeconomic wellbeing,which serve as "risky assets," and consequently develop a global financialmarket for them, which serves as a "market of indices of socioeconomicwellbeing." Then, we compare the wellbeing of different countries usingfinancial econometric analysis and dynamic asset pricing theory. We provide theoptimal portfolio weight composition along with the efficient frontiers of thewellbeing socioeconomic indices with different risk-return measures. We deriveinsurance instruments, such as put options, which allow the financial industryto monitor, manage, and trade these indices, creating the funds for insuranceagainst adverse movements of those indices. Our findings should help financialinstitutions to incorporate socioeconomic issues as an additional dimension totheir "two-dimensional" risk-return adjusted optimal financial portfolios.

The Financial Market of Indices of Socioeconomic Wellbeing