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Well-Being and Ill-Being: A Bivariate Panel Data Analysis

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  • Wang-Sheng Lee

    ()
    (Melbourne Institute of Applied Economic and Social Research, The University of Melbourne)

  • Umut Oguzoglu

    ()
    (Melbourne Institute of Applied Economic and Social Research, The University of Melbourne)

Abstract

The aim of this paper is to estimate in a multivariate context the factors associated with well-being and ill-being without making the assumptions that they are opposite ends of the same continuum, and that the factors uniformly affect both well-being and ill-being. Using the first five waves of panel data from the Household, Income and Labour Dynamics in Australia (HILDA) survey, we jointly model positive and negative well-being in a two-equation dynamic panel data model. We found that while past ill-being had significant effect on current well-being there was no support for a reverse relationship (i.e. lagged effect of well-being on current ill-being). In addition, we also found support for asymmetry in how certain factors affect well-being and ill-being. The implication of the findings in this paper for the happiness literature is that for future empirical work, it would perhaps more prudent to begin with the notion that well-being and ill-being are distinct dimensions, that the unobservables that affect well-being and ill-being are correlated, and to specify econometric models that allow for these concepts to be reflected.

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Bibliographic Info

Paper provided by Melbourne Institute of Applied Economic and Social Research, The University of Melbourne in its series Melbourne Institute Working Paper Series with number wp2007n28.

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Length: 25 pages
Date of creation: Oct 2007
Date of revision:
Handle: RePEc:iae:iaewps:wp2007n28

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  1. Wang-Sheng Lee & Umut Oguzoglu, 2007. "Income Support and Stigma Effects for Young Australians," Australian Economic Review, The University of Melbourne, Melbourne Institute of Applied Economic and Social Research, vol. 40(4), pages 369-384, December.
  2. Rainer Winkelmann, 2005. "Subjective well-being and the family: Results from an ordered probit model with multiple random effects," Empirical Economics, Springer, vol. 30(3), pages 749-761, October.
  3. Bruce Headey & Mark Wooden, 2004. "The Effects of Wealth and Income on Subjective Well-Being and Ill-Being," The Economic Record, The Economic Society of Australia, vol. 80(s1), pages S24-S33, 09.
  4. Rob Alessie & Stefan Hochguertel & Arthur van Soest, 2004. "Ownership of Stocks and Mutual Funds: A Panel Data Analysis," The Review of Economics and Statistics, MIT Press, vol. 86(3), pages 783-796, August.
  5. Stefan Boes & Rainer Winkelmann, 2006. "The Effect of Income on Positive and Negative Subjective Well-Being," SOI - Working Papers 0605, Socioeconomic Institute - University of Zurich.
  6. Kenneth Train, 2003. "Discrete Choice Methods with Simulation," Online economics textbooks, SUNY-Oswego, Department of Economics, number emetr2, January.
  7. R Blundell & Steven Bond, . "Initial conditions and moment restrictions in dynamic panel data model," Economics Papers W14&104., Economics Group, Nuffield College, University of Oxford.
  8. Nicole Watson & Mark Wooden, 2004. "The HILDA Survey Four Years On," Australian Economic Review, The University of Melbourne, Melbourne Institute of Applied Economic and Social Research, vol. 37(3), pages 343-349, 09.
  9. Bruce Headey & Jonathan Kelley & Alex Wearing, 1993. "Dimensions of mental health: Life satisfaction, positive affect, anxiety and depression," Social Indicators Research, Springer, vol. 29(1), pages 63-82, May.
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