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The dynamics of perception: modelling subjective well-being in a short panel

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  • Pudney, Stephen

Abstract

We consider the neglected issue of the dynamics of perceptions, as expressed in responses to survey questions on subjective well-being. We develop a simulated ML method for estimation for dynamic linear models, where the dependent variable is partially observed through ordinal scales. This latent autoregression (LAR) model is often more appropriate than the usual state-dependence (SD) model for attitudinal and interval variables. The paper contains an application to a model of households’ perceptions of their financial well-being, demonstrating the superior fit of the LAR model to both the usual static model and the SD model.

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Paper provided by Institute for Social and Economic Research in its series ISER Working Paper Series with number 2006-27.

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Date of creation: 01 May 2006
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Publication status: published
Handle: RePEc:ese:iserwp:2006-27

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Postal: Publications Office, Institute for Social and Economic Research, University of Essex, Wivenhoe Park, Colchester, Essex CO4 3SQ UK
Phone: 44-1206-872957
Fax: 44-1206-873151
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Web page: https://www.iser.essex.ac.uk/
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Postal: Publications Office, Institute for Social and Economic Research, University of Essex, Wivenhoe Park, Colchester, Essex CO4 3SQ UK
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Web: https://www.iser.essex.ac.uk/publications/

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  1. Olympia Bover & Manuel Arellano, 1997. "Estimating limited dependent variable models from panel data," Investigaciones Economicas, Fundación SEPI, Fundación SEPI, vol. 21(2), pages 141-166, May.
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Cited by:
  1. Carol Newman & Liam Delaney & Brian Nolan, 2008. "A Dynamic Model of the Relationship Between Income and Financial Satisfaction: Evidence from Ireland," The Economic and Social Review, Economic and Social Studies, Economic and Social Studies, vol. 39(2), pages 105-130.
  2. Giarda, Elena, 2013. "Persistency of financial distress amongst Italian households: Evidence from dynamic models for binary panel data," Journal of Banking & Finance, Elsevier, Elsevier, vol. 37(9), pages 3425-3434.
  3. Pudney, Stephen, 2011. "Perception and retrospection: The dynamic consistency of responses to survey questions on wellbeing," Journal of Public Economics, Elsevier, Elsevier, vol. 95(3-4), pages 300-310, April.
  4. FUSCO Alessio, 2013. "The dynamics of perceived financial difficulties," CEPS/INSTEAD Working Paper Series 2013-24, CEPS/INSTEAD.
  5. Chrostek, Pawel, 2013. "An empirical investigation into the determinants and persistence of happiness and life evaluation," MPRA Paper 50442, University Library of Munich, Germany.
  6. Wunder, Christoph, 2012. "Does subjective well-being dynamically adjust to circumstances?," Economics Letters, Elsevier, Elsevier, vol. 117(3), pages 750-752.
  7. Arulampalam, Wiji & Stewart, Mark, 2007. "Simplified Implementation of the Heckman Estimator of the Dynamic Probit Model and a Comparison with Alternative Estimators," IZA Discussion Papers 3039, Institute for the Study of Labor (IZA).
  8. Roy, John & Schurer, Stefanie, 2013. "Getting Stuck in the Blues: Persistence of Mental Health Problems in Australia," IZA Discussion Papers 7451, Institute for the Study of Labor (IZA).
  9. Christoph Wunder & Johannes Schwarze, 2010. "What (If Anything) Do Satisfaction Scores Tell Us about the Intertemporal Change in Living Conditions," SOEPpapers on Multidisciplinary Panel Data Research 306, DIW Berlin, The German Socio-Economic Panel (SOEP).

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