Satisfaction with Life and Economic Well-Being: Evidence from Germany
AbstractThe 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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Bibliographic InfoArticle provided by Duncker & Humblot, Berlin in its journal Schmollers Jahrbuch.
Volume (Year): 129 (2009)
Issue (Month): 2 ()
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Web page: http://www.duncker-humblot.de
Find related papers by JEL classification:
- I30 - Health, Education, and Welfare - - Welfare, Well-Being, and Poverty - - - General
- D60 - Microeconomics - - Welfare Economics - - - General
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- 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.
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