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Subjective Well-Being, Income and Economic Margins

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  • Berlin, Martin

    ()
    (Swedish Institute for Social Research, Stockholm University)

  • Kaunitz, Niklas

    ()
    (Dept. of Economics, SU and Research Institute of Industrial Economics (IFN))

Abstract

This paper uses the Swedish Level of Living Survey to study how satisfaction with living conditions and daily life covary with economic resources, in the cross-section and in a decade-long panel. We find that self-reported lack of economic margins is a powerful determinant of satisfaction, its magnitude being comparable even to that of marriage or cohabitation. In contrast, although income is positively associated with satisfaction, the relationship is less robust than for economic margins, and the estimated gradients vary substantially depending on the choice of satisfaction measure, income measure and model specification.

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Bibliographic Info

Paper provided by Swedish Institute for Social Research in its series Working Paper Series with number 12/2011.

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Length: 34 pages
Date of creation: 18 Oct 2011
Date of revision:
Handle: RePEc:hhs:sofiwp:2011_012

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References

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  1. Bruno S. Frey & Alois Stutzer, 2002. "What Can Economists Learn from Happiness Research?," Journal of Economic Literature, American Economic Association, vol. 40(2), pages 402-435, June.
  2. Chamberlain, Gary, 1984. "Panel data," Handbook of Econometrics, in: Z. Griliches† & M. D. Intriligator (ed.), Handbook of Econometrics, edition 1, volume 2, chapter 22, pages 1247-1318 Elsevier.
  3. Stevenson, Betsey & Wolfers, Justin, 2008. "Economic Growth and Subjective Well-Being: Reassessing the Easterlin Paradox," IZA Discussion Papers 3654, Institute for the Study of Labor (IZA).
  4. Gerdtham, Ulf-G & Johannesson, Magnus, 2001. "The relationship between happiness, health, and socio-economic factors: results based on Swedish microdata," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 30(6), pages 553-557.
  5. Pischke, Jörn-Steffen, 2011. "Money and Happiness: Evidence from the Industry Wage Structure," IZA Discussion Papers 5705, Institute for the Study of Labor (IZA).
  6. Clark, Andrew E. & Diener, Ed & Georgellis, Yannis & Lucas, Richard E., 2008. "Lags and Leads in Life Satisfaction: A Test of the Baseline Hypothesis," CEPREMAP Working Papers (Docweb) 0803, CEPREMAP.
  7. Andrew E. Clark & Paul Frijters & Michael A. Shields, 2008. "Relative Income, Happiness, and Utility: An Explanation for the Easterlin Paradox and Other Puzzles," Journal of Economic Literature, American Economic Association, vol. 46(1), pages 95-144, March.
  8. Conchita D’Ambrosio & Joachim R. Frick & Markus Jäntti, 2009. "Satisfaction with Life and Economic Well-Being: Evidence from Germany," Schmollers Jahrbuch : Journal of Applied Social Science Studies / Zeitschrift für Wirtschafts- und Sozialwissenschaften, Duncker & Humblot, Berlin, vol. 129(2), pages 283-295.
  9. Mark Wooden & Bruce Headey, 2004. "The Effects of Wealth and Income on Subjective Well-Being and Ill-Being," Melbourne Institute Working Paper Series wp2004n03, Melbourne Institute of Applied Economic and Social Research, The University of Melbourne.
  10. Rafael Di Tella & Robert MacCulloch, 2006. "Some Uses of Happiness Data in Economics," Journal of Economic Perspectives, American Economic Association, vol. 20(1), pages 25-46, Winter.
  11. Baetschmann, Gregori & Staub, Kevin & Winkelmann, Rainer, 2011. "Consistent Estimation of the Fixed Effects Ordered Logit Model," IZA Discussion Papers 5443, Institute for the Study of Labor (IZA).
  12. Bruce Headey & Ruud Muffels & Mark Wooden, 2008. "Money Does not Buy Happiness: Or Does It? A Reassessment Based on the Combined Effects of Wealth, Income and Consumption," Social Indicators Research, Springer, vol. 87(1), pages 65-82, May.
  13. Daniel W. Sacks & Betsey Stevenson & Justin Wolfers, 2010. "Subjective Well-Being, Income, Economic Development and Growth," NBER Working Papers 16441, National Bureau of Economic Research, Inc.
  14. Gardner, Jonathan & Oswald, Andrew J., 2006. "Money and Mental Wellbeing: A Longitudinal Study of Medium-Sized Lottery Wins," IZA Discussion Papers 2233, Institute for the Study of Labor (IZA).
  15. Andersson, Pernilla, 2008. "Happiness and health: Well-being among the self-employed," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 37(1), pages 213-236, February.
  16. Shelly J. Lundberg & Robert A. Pollak & Terence J. Wales, 1997. "Do Husbands and Wives Pool Their Resources? Evidence from the United Kingdom Child Benefit," Journal of Human Resources, University of Wisconsin Press, vol. 32(3), pages 463-480.
  17. Clark, Andrew E & Oswald, Andrew J, 1994. "Unhappiness and Unemployment," Economic Journal, Royal Economic Society, vol. 104(424), pages 648-59, May.
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Cited by:
  1. Jussi Simpura, 2013. "“Così è (se vi pare)”: Remarks on Subjective Well-Being from a Resource-Based Perspective," Social Indicators Research, Springer, vol. 114(1), pages 45-58, October.

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