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The Effects of Wealth and Income on Subjective Well-Being and Ill-Being

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Author Info
BRUCE HEADEY
MARK WOODEN

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Abstract

The accepted view among psychologists and, increasingly, economists is that household income has statistically significant but only small effects on measures of subjective well-being. Income, however, is clearly an imperfect measure of the economic circumstances of households. Using data drawn from the 2002 wave of the Household, Income and Labour Dynamics in Australia (HILDA) Survey, this paper demonstrates that wealth, which can be viewed as providing a degree of economic security, is at least as important to well-being and ill-being as income. Copyright © 2004 Economic Society of Australia..

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Article provided by The Economic Society of Australia in its journal The Economic Record.

Volume (Year): 80 (2004)
Issue (Month): s1 (09)
Pages: S24-S33
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Handle: RePEc:bla:ecorec:v:80:y:2004:i:s1:p:s24-s33

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Mike Shields & Mark Wooden, 2003. "Investigating the Role of Neighbourhood Characteristics in Determining Life Satisfaction," Melbourne Institute Working Paper Series wp2003n24, Melbourne Institute of Applied Economic and Social Research, The University of Melbourne. [Downloadable!]
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  2. Bruno S. Frey & Alois Stutzer, . "Happiness, Economy and Institutions," IEW - Working Papers iewwp015, Institute for Empirical Research in Economics - IEW. [Downloadable!]
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  3. Frank, Robert H, 1985. "The Demand for Unobservable and Other Nonpositional Goods," American Economic Review, American Economic Association, vol. 75(1), pages 101-16, March. [Downloadable!] (restricted)
  4. Bruce Headey & Mark Wooden & Gary Marks, 2004. "The Structure and Distribution of Household Wealth in Australia," Melbourne Institute Working Paper Series wp2004n12, Melbourne Institute of Applied Economic and Social Research, The University of Melbourne. [Downloadable!]
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  5. Oswald, A.J., 1997. "Happiness and Economic Performance," Papers 18, Centre for Economic Performance & Institute of Economics.
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  6. Blanchflower, David G. & Oswald, Andrew J., 2004. "Well-being over time in Britain and the USA," Journal of Public Economics, Elsevier, vol. 88(7-8), pages 1359-1386, July. [Downloadable!] (restricted)
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  7. Juster, F. Thomas & Smith, James P. & Stafford, Frank, 1999. "The measurement and structure of household wealth," Labour Economics, Elsevier, vol. 6(2), pages 253-275, June. [Downloadable!] (restricted)
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  8. Frijters, Paul & Haisken-DeNew, John P. & Shields, Michael A., 2002. "The Value of Reunification in Germany: An Analysis of Changes in Life Satisfaction," IZA Discussion Papers 419, Institute for the Study of Labor (IZA). [Downloadable!]
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  9. Andrew E. Clark, 2003. "Unemployment as a Social Norm: Psychological Evidence from Panel Data," Journal of Labor Economics, University of Chicago Press, vol. 21(2), pages 289-322, April. [Downloadable!]
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  10. Bruno S. Frey & Alois Stutzer, 2002. "What Can Economists Learn from Happiness Research?," Journal of Economic Literature, American Economic Association, vol. 40(2), pages 402-435, June.
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  11. Mark Wooden & Simon Freidin & Nicole Watson, 2002. "The Household, Income and Labour Dynamics in Australia (HILDA)Survey: Wave 1," Australian Economic Review, The University of Melbourne, Melbourne Institute of Applied Economic and Social Research, vol. 35(3), pages 339-348. [Downloadable!] (restricted)
  12. Buhmann, Brigitte, et al, 1988. "Equivalence Scales, Well-Being, Inequality, and Poverty: Sensitivity Estimates across Ten Countries Using the Luxembourg Income Study (LIS) Database," Review of Income and Wealth, Blackwell Publishing, vol. 34(2), pages 115-42, June.
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(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Masoud Moghaddam, 2008. "Happiness, Faith, Friends, and Fortune—Empirical Evidence from the 1998 US Survey Data," Journal of Happiness Studies, Springer, vol. 9(4), pages 577-587, December. [Downloadable!] (restricted)
  2. Weiping Kostenko, 2009. "Does Labour Market Achievement Matter for the Wellbeing of Australian Immigrants? Culture and Gender Differences," Melbourne Institute Working Paper Series wp2009n21, Melbourne Institute of Applied Economic and Social Research, The University of Melbourne. [Downloadable!]
  3. Boes, Stefan & Winkelmann, Rainer, 2004. "Income and Happiness: New Results from Generalized Threshold and Sequential Models," IZA Discussion Papers 1175, Institute for the Study of Labor (IZA). [Downloadable!]
    Other versions:
  4. Rosanna Scutella & Mark Wooden, 2006. "Effects of Household Joblessness on Subjective Well-Being," Melbourne Institute Working Paper Series wp2006n10, Melbourne Institute of Applied Economic and Social Research, The University of Melbourne. [Downloadable!]
  5. Wang-Sheng Lee & Umut Oguzoglu, 2007. "Well-Being and Ill-Being: A Bivariate Panel Data Analysis," IZA Discussion Papers 3108, Institute for the Study of Labor (IZA). [Downloadable!]
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  6. Nick Carroll, 2005. "Unemployment and Psychological Well-Being," CEPR Discussion Papers 492, Centre for Economic Policy Research, Research School of Social Sciences, Australian National University. [Downloadable!]
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  7. Mark Wooden & Diana Warren & Robert Drago, 2007. "Working Time Mismatch and Subjective Well-Being," Melbourne Institute Working Paper Series wp2007n29, Melbourne Institute of Applied Economic and Social Research, The University of Melbourne. [Downloadable!]
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  8. Blanchflower, David G & Oswald, Andrew J, 2005. "Happiness and the Human Development Index : The Paradox of Australia," The Warwick Economics Research Paper Series (TWERPS) 726, University of Warwick, Department of Economics. [Downloadable!]
    Other versions:
  9. DAVID DORN & Justina Fischer & GEBHARD KIRCHGÄSSNER & ALFONSO SOUSA-POZA, 2005. "Is It Culture or Democracy? The Impact of Democracy, Income, and Culture on Happiness," University of St. Gallen Department of Economics working paper series 2005 2005-12, Department of Economics, University of St. Gallen. [Downloadable!]
  10. Deborah A. Cobb-Clark & Vincent A. Hildebrand, 2008. "The Asset Portfolios of Native-born and Foreign-born Households," CEPR Discussion Papers 567, Centre for Economic Policy Research, Research School of Social Sciences, Australian National University. [Downloadable!]
    Other versions:
  11. Jens Bonke & Mette Deding & Mette Lausten, 2009. "Time and Money," Journal of Happiness Studies, Springer, vol. 10(2), pages 113-131, April. [Downloadable!] (restricted)
  12. Paul Dolan & Robert Metcalfe, 2008. "Comparing Willingness-to-Pay and Subjective Well-Being in the Context of Non-Market Goods," CEP Discussion Papers dp0890, Centre for Economic Performance, LSE. [Downloadable!]
  13. David Dorn & Justina Fischer & Gebhard Kirchgässner & Alfonso Sousa-Poza, 2008. "Direct democracy and life satisfaction revisited: new evidence for Switzerland," Journal of Happiness Studies, Springer, vol. 9(2), pages 227-255, June. [Downloadable!] (restricted)
  14. José Alberto Molina & María Navarro & Ian Walker, 2007. "Mums and Their Sons, Dads and Their Daughters: Panel Data Evidence of Interdependent Marginal Utilities across 14 EU Countries," IZA Discussion Papers 2734, Institute for the Study of Labor (IZA). [Downloadable!]
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