I think this would be way easier to understand with an equation or two. Let w be overall lifetime wellbeing, let wt be age-specific wellbeing at time t, let L be lifetime and let us denote averages over lifetime by an overbar. If so, it seems like the “normalized age-specific wellfare” is wt,norm=wt/¯w. It is not clear what “this normalized welfare expectancy” refers to, since it can either mean wt,norm or wnorm=∑twt,norm (I assume here that overall wellbeing is the sum of age-specific wellbeing). Thus, the RWE is calculated as follows:
RWE=Ewt,normELorRWE=EwnormEL
I find both of these formulas to be rather strange, and devoid of a rationale. Have I misunderstood you?
I think this would be way easier to understand with an equation or two. Let w be overall lifetime wellbeing, let wt be age-specific wellbeing at time t, let L be lifetime and let us denote averages over lifetime by an overbar. If so, it seems like the “normalized age-specific wellfare” is wt,norm=wt/¯w. It is not clear what “this normalized welfare expectancy” refers to, since it can either mean wt,norm or wnorm=∑twt,norm (I assume here that overall wellbeing is the sum of age-specific wellbeing). Thus, the RWE is calculated as follows:
I find both of these formulas to be rather strange, and devoid of a rationale. Have I misunderstood you?