Individual welfare and subjective well-being : commentary inspired by Sacks, Stevenson and Wolfers
Hammond, Peter J., 1945-, Liberini, Federica and Proto, Eugenio (2011) Individual welfare and subjective well-being : commentary inspired by Sacks, Stevenson and Wolfers. Working Paper. Coventry: University of Warwick. Dept. of Economics. Warwick economics research paper series (TWERPS), Vol.2011 (No.957).
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Official URL: http://www2.warwick.ac.uk/fac/soc/economics/resear...
Sacks, Stevenson and Wolfers (2010) question earlier results like Easterlin's showing that long-run economic growth often fails to improve individuals' average reports of their own subjective well-being (SWB). We use World Values Survey data to establish that the proportion of individuals reporting
happiness level h, and whose income falls below any fixed threshold, always diminishes as h increases. The implied positive association between income and reported happiness suggests that it is possible in principle to construct
multi-dimensional summary statistics based on reported SWB that could be used to evaluate economic policy.
|Item Type:||Working or Discussion Paper (Working Paper)|
|Subjects:||H Social Sciences > HB Economic Theory
H Social Sciences > HM Sociology
|Divisions:||Faculty of Social Sciences > Economics|
|Library of Congress Subject Headings (LCSH):||Economic development -- Psychological aspects, Income -- Psychological aspects, Well-being, Happiness|
|Series Name:||Warwick economics research paper series (TWERPS)|
|Publisher:||University of Warwick. Dept. of Economics|
|Place of Publication:||Coventry|
|Status:||Not Peer Reviewed|
|Access rights to Published version:||Open Access|
|Funder:||European Commission (EC)|
|Grant number:||MEXC-CT-2006-041121 (EC)|
Archibald, G. Christopher (1959) \Welfare Economics, Ethics, and Essentialism"
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