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Individual welfare and subjective well-being : commentary inspired by Sacks, Stevenson and Wolfers
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Hammond, Peter J., 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...
Abstract
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) | ||||
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Subjects: | H Social Sciences > HB Economic Theory H Social Sciences > HM Sociology |
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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 | ||||
Official Date: | 2011 | ||||
Dates: |
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Volume: | Vol.2011 | ||||
Number: | No.957 | ||||
Status: | Not Peer Reviewed | ||||
Publication Status: | Published | ||||
Access rights to Published version: | Open Access (Creative Commons) | ||||
Funder: | European Commission (EC) | ||||
Grant number: | MEXC-CT-2006-041121 (EC) |
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