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Money Does not Buy Happiness: Or Does It? A Reassessment Based on the Combined Effects of Wealth, Income and Consumption

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  • Bruce Headey

    ()

  • Ruud Muffels
  • Mark Wooden

Abstract

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Bibliographic Info

Article provided by Springer in its journal Social Indicators Research.

Volume (Year): 87 (2008)
Issue (Month): 1 (May)
Pages: 65-82

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Handle: RePEc:spr:soinre:v:87:y:2008:i:1:p:65-82

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Web page: http://www.springer.com/economics/journal/11135

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Related research

Keywords: Happiness; Wealth; Income; Consumption; Panel data;

References

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  1. Oswald, Andrew J, 1997. "Happiness and Economic Performance," Economic Journal, Royal Economic Society, vol. 107(445), pages 1815-31, November.
  2. Paul Frijters & John P. Haisken-DeNew & Michael A. Shields, 2004. "Money Does Matter! Evidence from Increasing Real Income and Life Satisfaction in East Germany Following Reunification," American Economic Review, American Economic Association, vol. 94(3), pages 730-740, June.
  3. Bruce Headey, 2006. "Subjective Well-Being: Revisions to Dynamic Equilibrium Theory using National Panel Data and Panel Regression Methods," Social Indicators Research, Springer, vol. 79(3), pages 369-403, December.
  4. Kapteyn, A.J. & Kooreman, P. & Willemse, R.J., 1988. "Some methodological issues in the implementation of subjective poverty definitions," Open Access publications from Tilburg University urn:nbn:nl:ui:12-364358, Tilburg University.
  5. F. Thomas Juster & James P. Smith & Frank Stafford, 2004. "The Measurement and Structure of Household Wealth," Labor and Demography 0402009, EconWPA.
  6. 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.
  7. 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.
  8. Barrett, Garry F & Crossley, Thomas F & Worswick, Christopher, 2000. "Consumption and Income Inequality in Australia," The Economic Record, The Economic Society of Australia, vol. 76(233), pages 116-38, June.
  9. Hollander, Heinz, 2001. "On the validity of utility statements: standard theory versus Duesenberry's," Journal of Economic Behavior & Organization, Elsevier, vol. 45(3), pages 227-249, July.
  10. Richard E. Lucas & Andrew Clark & Yannis Georgellis & Ed Diener, 2002. "Unemployment Alters the Set-Point for Life Satisfaction," DELTA Working Papers 2002-17, DELTA (Ecole normale supérieure).
  11. Randolph Mullis, 1992. "Measures of economic well-being as predictors of psychological well-being," Social Indicators Research, Springer, vol. 26(2), pages 119-135, March.
  12. Martin Browning & Thomas F. Crossley & Guglielmo Weber, 2003. "Asking consumption questions in general purpose surveys," Economic Journal, Royal Economic Society, vol. 113(491), pages F540-F567, November.
  13. Coulter, Fiona A E & Cowell, Frank A & Jenkins, Stephen P, 1992. "Equivalence Scale Relativities and the Extent of Inequality and Poverty," Economic Journal, Royal Economic Society, vol. 102(414), pages 1067-82, September.
  14. 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, International Association for Research in Income and Wealth, vol. 34(2), pages 115-42, June.
  15. Daniel T. Slesnick, 1998. "Empirical Approaches to the Measurement of Welfare," Journal of Economic Literature, American Economic Association, vol. 36(4), pages 2108-2165, December.
  16. Peggy Schyns, 2002. "Wealth Of Nations, Individual Income andLife Satisfaction in 42 Countries:A Multilevel Approach," Social Indicators Research, Springer, vol. 60(1), pages 5-40, December.
  17. repec:cup:cbooks:9780521593861 is not listed on IDEAS
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Citations

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Cited by:
  1. Jing Xiao & Chuanyi Tang & Soyeon Shim, 2009. "Acting for Happiness: Financial Behavior and Life Satisfaction of College Students," Social Indicators Research, Springer, vol. 92(1), pages 53-68, May.
  2. Rackow, Katja & Schupp, Jürgen & Scheve, Christian von, 2012. "Angst und Ärger: Zur Relevanz emotionaler Dimensionen sozialer Ungleichheit," EconStor Open Access Articles, ZBW - German National Library of Economics, pages 392-409.
  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. Miguel Lopes & Patricia Palma & Miguel e Cunha, 2011. "Tolerance is Not Enough: The Moderating Role of Optimism on Perceptions of Regional Economic Performance," Social Indicators Research, Springer, vol. 102(2), pages 333-350, June.
  5. Ruud Muffels & Bruce Headey, 2011. "Capabilities and Choices: Do They Make Sen'se for Understanding Objective and Subjective Well-Being? An Empirical Test of Sen's Capability Framework on German and British Panel Data," SOEPpapers on Multidisciplinary Panel Data Research 385, DIW Berlin, The German Socio-Economic Panel (SOEP).
  6. Ryan Howell & Mark Kurai & Leona Tam, 2013. "Money Buys Financial Security and Psychological Need Satisfaction: Testing Need Theory in Affluence," Social Indicators Research, Springer, vol. 110(1), pages 17-29, January.
  7. Blázquez, Maite & Budría, Santiago, 2011. "Deprivation and Subjective Well-being: Evidence from Panel Data," Working Papers in Economic Theory 2011/08, Universidad Autónoma de Madrid (Spain), Department of Economic Analysis (Economic Theory and Economic History).
  8. Jing Xiao & Haifeng Li, 2011. "Sustainable Consumption and Life Satisfaction," Social Indicators Research, Springer, vol. 104(2), pages 323-329, November.
  9. Hilke Brockmann, 2012. "Das Glück der Migranten: eine Lebenslaufanalyse zum subjektiven Wohlbefinden von Migranten der ersten Generation in Deutschland," SOEPpapers on Multidisciplinary Panel Data Research 504, DIW Berlin, The German Socio-Economic Panel (SOEP).
  10. Berlin, Martin & Kaunitz, Niklas, 2011. "Subjective Well-Being, Income and Economic Margins," Working Paper Series 12/2011, Swedish Institute for Social Research.
  11. Nick Parr, 2010. "Satisfaction with life as an antecedent of fertility," Demographic Research, Max Planck Institute for Demographic Research, Rostock, Germany, vol. 22(21), pages 635-662, April.
  12. Wan-chi Chen, 2012. "How Education Enhances Happiness: Comparison of Mediating Factors in Four East Asian Countries," Social Indicators Research, Springer, vol. 106(1), pages 117-131, March.
  13. Pedersen, Peder J. & Schmidt, Torben Dall, 2009. "Happiness in Europe: Cross-Country Differences in the Determinants of Subjective Well-Being," IZA Discussion Papers 4538, Institute for the Study of Labor (IZA).
  14. Tamás Martos & Mária Kopp, 2012. "Life Goals and Well-Being: Does Financial Status Matter? Evidence from a Representative Hungarian Sample," Social Indicators Research, Springer, vol. 105(3), pages 561-568, February.
  15. Distante, Roberta, 2010. "Subjective well-being, income and relative concerns in the UK," MPRA Paper 30786, University Library of Munich, Germany.
  16. Ekaterina Selezneva, 2010. "Surveying transitional experience and subjective well-being : Income, work, family," Working Papers 279, Institut für Ost- und Südosteuropaforschung (Institute for East and South-East European Studies).
  17. Maria Pereira & Filipe Coelho, 2013. "Untangling the Relationship Between Income and Subjective Well-Being: The Role of Perceived Income Adequacy and Borrowing Constraints," Journal of Happiness Studies, Springer, vol. 14(3), pages 985-1005, June.
  18. Liselot Hudders & Mario Pandelaere, 2012. "The Silver Lining of Materialism: The Impact of Luxury Consumption on Subjective Well-Being," Journal of Happiness Studies, Springer, vol. 13(3), pages 411-437, June.
  19. Mark Wooden & Ning Li, 2014. "Panel Conditioning and Subjective Well-being," Social Indicators Research, Springer, vol. 117(1), pages 235-255, May.
  20. Pamela Abbott & Claire Wallace, 2014. "Rising Economic Prosperity and Social Quality the Case of New Member States of the European Union," Social Indicators Research, Springer, vol. 115(1), pages 419-439, January.
  21. Pedersen, Peder J. & Schmidt, Torben Dall, 2011. "Happiness in Europe," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 40(5), pages 480-489.

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