Measuring inequality of subjective well-being: A Bayesian approach
AbstractThis article proposes a new measure for inequality of subjective well-being and shows the empirical results using a Bayesian ordered probit model. We introduce a new concept called “regret” as a measure for inequality of subjective well-being. Regret is the probability with which a respondent who chooses an option in a multiple-choice question pertaining to subjective well-being does not choose any other option indicative of better well-being. Regret is estimated in connection with demographic factors using the Markov chain Monte Carlo (MCMC) method and data of the World Values Survey. Furthermore, the relationships between regret and GDP per capita and the changes therein are shown to investigate those between inequality of subjective well-being and economic conditions.
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Bibliographic InfoArticle provided by Elsevier in its journal The Journal of Socio-Economics.
Volume (Year): 40 (2011)
Issue (Month): 5 ()
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Web page: http://www.elsevier.com/locate/inca/620175
Bayesian ordered probit model; Markov chain Monte Carlo (MCMC); Regretted subjective well-being;
Find related papers by JEL classification:
- C11 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: General - - - Bayesian Analysis: General
- C35 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Discrete Regression and Qualitative Choice Models; Discrete Regressors; Proportions
- D63 - Microeconomics - - Welfare Economics - - - Equity, Justice, Inequality, and Other Normative Criteria and Measurement
- I3 - Health, Education, and Welfare - - Welfare and Poverty
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