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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

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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. 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.
  2. Martin Browning & Thomas F. Crossley & Gugliemo Weber, 2002. "Asking Consumption Questions in General Purpose Surveys," CAM Working Papers 2002-05, University of Copenhagen. Department of Economics. Centre for Applied Microeconometrics.
  3. Arie Kapteyn & Peter Kooreman & Rob Willemse, 1988. "Some Methodological Issues in the Implementation of Subjective Poverty Definitions," Journal of Human Resources, University of Wisconsin Press, vol. 23(2), pages 222-242.
  4. 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.
  5. Garry Barrett & Thomas Crossley & Christopher Worswick, 1999. "Consumption and Income Inequality in Australia," CEPR Discussion Papers 404, Centre for Economic Policy Research, Research School of Economics, Australian National University.
  6. repec:cup:cbooks:9780521593861 is not listed on IDEAS
  7. Oswald, Andrew J, 1997. "Happiness and Economic Performance," Economic Journal, Royal Economic Society, vol. 107(445), pages 1815-31, November.
  8. F. Thomas Juster & James P. Smith & Frank Stafford, 2004. "The Measurement and Structure of Household Wealth," Labor and Demography 0402009, EconWPA.
  9. 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.
  10. 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.
  11. 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.
  12. 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.
  13. Andrew E. Clark & Yannis Georgellis, 2002. "Unemployment Alters the Set-Point for Life Satisfaction," Economics and Finance Discussion Papers 02-16, Economics and Finance Section, School of Social Sciences, Brunel University.
  14. 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.
  15. 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.
  16. 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.
  17. 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.
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Citations

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Cited by:
  1. 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).
  2. Ruud Muffels & Bruce Headey, 2013. "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," Social Indicators Research, Springer, vol. 110(3), pages 1159-1185, February.
  3. 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.
  4. Distante, Roberta, 2010. "Subjective well-being, income and relative concerns in the UK," MPRA Paper 30786, University Library of Munich, Germany.
  5. 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.
  6. Jing Xiao & Haifeng Li, 2011. "Sustainable Consumption and Life Satisfaction," Social Indicators Research, Springer, vol. 104(2), pages 323-329, November.
  7. 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.
  8. Mark Wooden & Ning Li, 2014. "Panel Conditioning and Subjective Well-being," Social Indicators Research, Springer, vol. 117(1), pages 235-255, May.
  9. 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.
  10. 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.
  11. 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.
  12. 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).
  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. 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.
  15. 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.
  16. 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.
  17. 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).
  18. 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.
  19. Berlin, Martin & Kaunitz, Niklas, 2011. "Subjective Well-Being, Income and Economic Margins," Working Paper Series 12/2011, Swedish Institute for Social Research.
  20. 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.
  21. 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.

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