Allowing for heterogeneity in monetary subjective well‐being valuations
AbstractRecent research on ‘happiness’ regression equations has shown how monetary values can be put on the well-being effects of many life events (like health problems, marriage or the death of a spouse). Potentially, such work has practical implications for policy‐makers and the courts. However, this article argues that we need to be careful in such work to use the appropriate statistical method. It goes beyond previous research and allows for heterogeneity in the subjective well‐being scales. Using less restrictive models than the current literature, the article argues that standard linear or ordered response models seem consistently to overstate valuations. With data from the UK, it provides new monetary estimates of the well‐being consequences of a number of health problems, social capital indicators, marital status changes and social relationships. Copyright (C) 2010 John Wiley & Sons, Ltd.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
Bibliographic InfoArticle provided by John Wiley & Sons, Ltd. in its journal Health Economics.
Volume (Year): 20 (2011)
Issue (Month): 3 (March)
Contact details of provider:
Web page: http://www3.interscience.wiley.com/cgi-bin/jhome/5749
generalized ordered response models ; compensating variation ; monetary valuations ; subjective well‐being ;
You can help add them by filling out this form.
CitEc Project, subscribe to its RSS feed for this item.
- Chongvilaivan, Aekapol & Powdthavee, Nattavudh, 2011. "And I Will Try to Fix You: A Study of Heterogeneity in Job Satisfaction with Implications for Flexible Employment Contracts," IZA Discussion Papers 5868, Institute for the Study of Labor (IZA).
- Powdthavee, Nattavudh & van den Berg, Bernard, 2011.
"Putting Different Price Tags on the Same Health Condition: Re-evaluating the Well-Being Valuation Approach,"
IZA Discussion Papers
5493, Institute for the Study of Labor (IZA).
- Powdthavee, Nattavudh & van den Berg, Bernard, 2011. "Putting different price tags on the same health condition: Re-evaluating the well-being valuation approach," Journal of Health Economics, Elsevier, vol. 30(5), pages 1032-1043.
- Boes, Stefan & Nüesch, Stephan & Stillman, Steven, 2012.
"Aircraft Noise, Health, and Residential Sorting: Evidence from Two Quasi-Experiments,"
IZA Discussion Papers
6744, Institute for the Study of Labor (IZA).
- Stefan Boes; & Stephan Nuesch; & Steve Stillman;, 2012. "Aircraft noise, health, and residential sorting: evidence from two quasi-experiments," Health, Econometrics and Data Group (HEDG) Working Papers 12/21, HEDG, c/o Department of Economics, University of York.
- Dusanee Kesavayuth & Robert Rosenman & Vasileios Zikos, 2013. "Does Personality Affect how People Perceive their Health?," Working Papers 2013-13, School of Economic Sciences, Washington State University.
- Andos Juhász, 2012. "A Satisfaction-Driven Poverty Indicator: A Bustle around the Poverty Line," SOEPpapers on Multidisciplinary Panel Data Research 461, DIW Berlin, The German Socio-Economic Panel (SOEP).
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Wiley-Blackwell Digital Licensing) or (Christopher F. Baum).
If references are entirely missing, you can add them using this form.