Construction of The Index
To calculate the index, the percentage gains of the winning parties must be determined. The resulting index will be between 0 (no parties gained, and thus no parties lost either) and 100 (all the parties from the last election were reduced to zero votes), because for every gain there is an equal (in terms of percentage of votes) loss. In other words, the index is equal to the net percentage of voters who changed their votes. ("Net percentage," because if the only change is a Party A voter switching to Party B, and a Party B voter switching to Party A, there is no net volatility.) The index can also be constructed by summing the absolute values of all gains and all losses, and dividing this total by two.
Read more about this topic: Pedersen Index
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