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Allowing for heterogeneity in monetary subjective well‐being valuations

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Author Info

  • Emmanouil Mentzakis

Abstract

Recent 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.

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File URL: http://hdl.handle.net/10.1002/hec.1592
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Bibliographic Info

Article provided by John Wiley & Sons, Ltd. in its journal Health Economics.

Volume (Year): 20 (2011)
Issue (Month): 3 (March)
Pages: 331-347

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Handle: RePEc:wly:hlthec:v:20:y:2011:i:3:p:331-347

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Web page: http://www3.interscience.wiley.com/cgi-bin/jhome/5749

Related research

Keywords: generalized ordered response models ; compensating variation ; monetary valuations ; subjective well‐being ;

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Cited by:
  1. 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).
  2. 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.
  3. 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).

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