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Satisfaction with Life and Economic Well-Being: Evidence from Germany

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  • Conchita D’Ambrosio
  • Joachim R. Frick
  • Markus Jäntti

Abstract

The relationship between an individual’s economic well-being and satisfaction with own life has been the focus of many studies both within and across countries, in one period of time and over time. As a proxy of economic well-being household income both adjusted and unadjusted for household needs has been generally used. The aim of the present paper is to propose a more comprehensive measure of well-being considering the role that wealth and permanent income play in simultaneously determining satisfaction with life. The results, based on representative microdata from the German Socio-Economic Panel Study (SOEP), suggest that both income and wealth increase satisfaction, that long-run income is more appropriate than short-term income and that satisfaction with life is particularly high for those who are at the top of both the income and wealth distributions.

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File URL: http://dx.doi.org/10.3790/schm.129.2.283
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Bibliographic Info

Article provided by Duncker & Humblot, Berlin in its journal Schmollers Jahrbuch.

Volume (Year): 129 (2009)
Issue (Month): 2 ()
Pages: 283-295

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Handle: RePEc:aeq:aeqsjb:v129_y2009_i1_q1_p283-295

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Cited by:
  1. Andreas Peichl & Nico Pestel, 2011. "Multidimensional affluence: Theory and applications to Germany and the US," Working Papers 218, ECINEQ, Society for the Study of Economic Inequality.
  2. Berlin, Martin & Kaunitz, Niklas, 2011. "Subjective Well-Being, Income and Economic Margins," Working Paper Series 12/2011, Swedish Institute for Social Research.
  3. Bernhard Christoph, 2010. "The Relation Between Life Satisfaction and the Material Situation: A Re-Evaluation Using Alternative Measures," Social Indicators Research, Springer, vol. 98(3), pages 475-499, September.
  4. Peichl, Andreas & Pestel, Nico, 2010. "Multidimensional Measurement of Richness: Theory and an Application to Germany," IZA Discussion Papers 4825, Institute for the Study of Labor (IZA).

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