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The dynamics of perception: modelling subjective wellbeing in a short panel

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  • Stephen Pudney

Abstract

We consider the issue of the dynamics of perceptions, as expressed in responses to survey questions on subjective wellbeing. We develop a simulated maximum likelihood method for estimation of dynamic linear models, where the dependent variable is partially observed through ordinal scales. This latent auto-regression model is often more appropriate than the usual state dependence model for attitudinal and interval variables. The paper contains an application to a model of households' perceptions of their financial wellbeing, demonstrating the superior fit of the latent auto-regression model to both the usual static model and the state dependence model. Copyright 2008 Royal Statistical Society.

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Bibliographic Info

Article provided by Royal Statistical Society in its journal Journal of the Royal Statistical Society: Series A (Statistics in Society).

Volume (Year): 171 (2008)
Issue (Month): 1 ()
Pages: 21-40

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Handle: RePEc:bla:jorssa:v:171:y:2008:i:1:p:21-40

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  1. Olympia Bover & Manuel Arellano, 1997. "Estimating limited dependent variable models from panel data," Investigaciones Economicas, FundaciĆ³n SEPI, vol. 21(2), pages 141-166, May.
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Cited by:
  1. Giarda, Elena, 2013. "Persistency of financial distress amongst Italian households: Evidence from dynamic models for binary panel data," Journal of Banking & Finance, Elsevier, vol. 37(9), pages 3425-3434.
  2. Wunder, Christoph, 2012. "Does subjective well-being dynamically adjust to circumstances?," Economics Letters, Elsevier, vol. 117(3), pages 750-752.
  3. Pudney, Stephen, 2011. "Perception and retrospection: The dynamic consistency of responses to survey questions on wellbeing," Journal of Public Economics, Elsevier, vol. 95(3), pages 300-310.
  4. FUSCO Alessio, 2013. "The dynamics of perceived financial difficulties," CEPS/INSTEAD Working Paper Series 2013-24, CEPS/INSTEAD.
  5. Arulampalam, Wiji & Stewart, Mark B., 2008. "Simplified Implementation of the Heckman Estimator of the Dynamic Probit Model and a Comparison with Alternative Estimators," The Warwick Economics Research Paper Series (TWERPS) 884, University of Warwick, Department of Economics.
  6. Roy, John & Schurer, Stefanie, 2013. "Getting Stuck in the Blues: Persistence of Mental Health Problems in Australia," IZA Discussion Papers 7451, Institute for the Study of Labor (IZA).
  7. Christoph Wunder & Johannes Schwarze, 2010. "What (If Anything) Do Satisfaction Scores Tell Us about the Intertemporal Change in Living Conditions," SOEPpapers on Multidisciplinary Panel Data Research 306, DIW Berlin, The German Socio-Economic Panel (SOEP).
  8. repec:ese:iserwp:2010-07 is not listed on IDEAS
  9. Carol Newman & Liam Delaney & Brian Nolan, 2008. "A Dynamic Model of the Relationship Between Income and Financial Satisfaction: Evidence from Ireland," The Economic and Social Review, Economic and Social Studies, vol. 39(2), pages 105-130.
  10. Chrostek, Pawel, 2013. "An empirical investigation into the determinants and persistence of happiness and life evaluation," MPRA Paper 50442, University Library of Munich, Germany.

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