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The 60es turnaround as a test on the causal relationship between sociability and happiness

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Author Info
Leonardo Becchetti () (University of Rome Tor Vergata)
Elena Giachin Ricca (University of Rome Tor Vergata)
Alessandra Pelloni (University of Rome Tor Vergata)

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Abstract

The nexus between relational life and life satisfaction is riddled with endogeneity problems. By investigating the causal relationship going from the first to the second variable we consider that retirement is a shock which increases the time investable in (outside job) relational life. As a consequence we instrument investment in relational goods with the aggregate exogenous age-retirement pattern. With such approach we document that investment in relational life has a positive and significant effect on life satisfaction. Consequences of our findings in terms of retirement effects and age-happiness pattern are also discussed.

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Paper provided by Econometica in its series Econometica Working Papers with number wp07.

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Length: 43
Date of creation: Feb 2009
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Handle: RePEc:ent:wpaper:wp07

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Keywords: life satisfaction; relational goods; social capital;

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Find related papers by JEL classification:
I30 - Health, Education, and Welfare - - Welfare and Poverty - - - General
D61 - Microeconomics - - Welfare Economics - - - Allocative Efficiency; Cost-Benefit Analysis
A11 - General Economics and Teaching - - General Economics - - - Role of Economics; Role of Economists
A13 - General Economics and Teaching - - General Economics - - - Relation of Economics to Social Values

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  25. Olivier Blanchard, 2006. "European unemployment: the evolution of facts and ideas," Economic Policy, CEPR, CES, MSH, vol. 21(45), pages 5-59, 01. [Downloadable!] (restricted)
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  28. Krueger, Alan B. & Schkade, David A., 2008. "The reliability of subjective well-being measures," Journal of Public Economics, Elsevier, vol. 92(8-9), pages 1833-1845, August. [Downloadable!] (restricted)
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