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Recent Advances in the Economics of Individual Subjective Well-Being

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  • Bruno S. Frey
  • Alois Stutzer

    ()
    (University of Basel)

Abstract

Over the last decades, empirical research on subjective well-being in the social sciences has provided a major new stimulus to the discourse on individual happiness. Recently this research has also been linked to economics where reported subjective wellbeing is often taken as a proxy measure for individual welfare. In our review, we intend to provide an evaluation of where the economic research on happiness stands and of three directions it might develop. First, it offers new ways for testing the basic assumptions of the economic approach and for going about a new understanding of utility. Second, it provides a new possibility for the complementary testing of theories across fields in economics. Third, we inquire how the insights gained from the study of individual happiness in economics affect public policy. Keywords: Economics, happiness, life satisfaction, survey data, income, public goods, unemployment JEL Classifications: A10, D60, H41, I31

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Bibliographic Info

Paper provided by Faculty of Business and Economics - University of Basel in its series Working papers with number 2010/04.

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Date of creation: 2010
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Handle: RePEc:bsl:wpaper:2010/04

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References

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Citations

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Cited by:
  1. Holcomb, Christopher, 2013. "Predictors of Well-Being in High Income, Industrialized Countries and Their Related Effects," MPRA Paper 53012, University Library of Munich, Germany.
  2. Edsel Beja Jr., 2013. "Subjective Well-Being Approach to the Valuation of International Development: Evidence for the Millennium Development Goals," Social Indicators Research, Springer, vol. 111(1), pages 141-159, March.
  3. Odermatt, Reto & Stutzer, Alois, 2013. "Smoking Bans, Cigarette Prices and Life Satisfaction," IZA Discussion Papers 7177, Institute for the Study of Labor (IZA).
  4. Latif, Ehsan, 2010. "Crisis, unemployment and psychological wellbeing in Canada," Journal of Policy Modeling, Elsevier, vol. 32(4), pages 520-530, July.
  5. Adrián De la Garza & Giovanni Mastrobuoni & Atsushi Sannabe & Katsunori Yamada, 2010. "The Relative Utility Hypothesis With and Without Self-reported Reference Wages," Working Papers 2010-19, Banco de México.
  6. Aguilar, Alexandra Cortés & García Muñoz, Teresa M. & Moro-Egido, Ana I., 2013. "Heterogeneous self-employment and satisfaction in Latin America," Journal of Economic Psychology, Elsevier, vol. 39(C), pages 44-61.
  7. Bruno Frey & Alois Stutzer, 2012. "The use of happiness research for public policy," Social Choice and Welfare, Springer, vol. 38(4), pages 659-674, April.
  8. Stefano Bartolini & Ennio Bilancini, 2011. "Social Participation and Hours Worked," Department of Economics University of Siena 620, Department of Economics, University of Siena.
  9. Cristina Bernini & Andrea Guizzardi & Giovanni Angelini, 2013. "DEA-Like Model and Common Weights Approach for the Construction of a Subjective Community Well-Being Indicator," Social Indicators Research, Springer, vol. 114(2), pages 405-424, November.
  10. Hajdu, Tamás & Hajdu, Gábor, 2011. "A hasznosság és a relatív jövedelem kapcsolatának vizsgálata magyar adatok segítségével
    [Examining the relation of utility and relative income using Hungarian data]
    ," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(1), pages 56-73.
  11. Cortés Aguilar Alexandra & Teresa Garcia-Muñoz & Ana I. Moro Egido, 2013. "Heterogeneous Self-employment and Subjective Well-Being. Evidence from Latin America," ThE Papers 13/05, Department of Economic Theory and Economic History of the University of Granada..

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